AUD/NZD chart - Trading View
AUD/NZD has edged slightly lower from session highs at 1.0844 and was trading 0.20% higher on the day at 1.0832 at around 06:35 GMT.
The pair has snapped 5 consecutive days of downside and has retraced above 20-DMA which offers strong support at 1.0825.
5-DMA caps upside at 1.0846. MACD shows bearish crossover on signal line, keeping scope for downside.
The pair trades in an rising Wedge pattern and bounce off 20-DMA has raised scope for upside resumption.
Risk-on mood across markets is likely to keep the antipodeans supported. Sentiment buoyed after US President Biden announced a $2 trillion infrastructure plan to boost the economy.
Decisive break above 5-DMA will see test of next major resistance at 200H MA at 1.0882 ahead of 110 month EMA at 1.0962.
On the flipside, failure to hold above 20-DMA will drive further weakness in the pair. Next major support lies at 55-EMA at 1.0769.
