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FxWirePro: AUD/NZD retakes 200-DMA, breakout at 55-month EMA will buoy bullish bias

AUD/NZD chart - Trading View 

Technical Analysis: Bias turning bullish

- AUD/NZD spikes past 200-DMA to hit 4-day high at 1.0747

- Upside has paused shy of daily cloud top at 1.0749

- The pair is extending gains for the 2nd straight session 

- Pullback from multi-week high has managed to hold above cloud base

- 5-DMA has turned and Stochs and RSI are turning north

- The pair is testing 55 month EMA resistance at 1.0733 

Support levels - 1.0719 (200-DMA), 1.0707 (50-DMA), 1.0697 (55-EMA)

Resistance levels - 1.0733 (55 month EMA), 1.0749 (daily cloud top), 1.0790 (Triangle top)

Summary: AUD/NZD spikes over 0.40% on the day to hit 4-day high at 1.0747. The Australian dollar buoyed after Reserve Bank of Australia's status quo rate decision and hawkish statement. The pair is testing 55 month EMA at which we have seen multiple rejections. Major trend is neutral. However, breakout at 55 month EMA will change near-term direction.

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