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FxWirePro: AUD/NZD spikes over 1%, on track to test daily cloud

Chart - Courtesy Trading View 

Technical Analysis:

- AUD/NZD was trading 1.07% higher on the day at 1.0868 at around 11:00 GMT

- The pair has broken above 55-EMA and has tested 38.2% Fib retracement at 1.0859

- MACD and ADX support upside in the pair, GMMA indicator has turned bullish on the intraday charts

- Momentum is bullish, Stochs and RSI are sharply higher, RSI is well above 50 mark

- Volatility is high and rising as evidenced by wide Bollinger bands

Major Support Levels: 

S1: 1.0795 (55-EMA)

S2: 1.0758 (5-DMA)

Major Resistance Levels: 

R1: 1.0893 (110-EMA)

R2: 1.0911 (Cloud base)

Summary: AUD/NZD trades with a bullish bias. The pair is on track to test daily cloud. Break above cloud base will fuel further gains. 
 

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