FxWirePro: AUD/NZD Daily Outlook
AUD/NZD chart - Trading View
AUD/NZD was trading 0.10% lower on the day at 1.0775 at around 09:20 GMT, after closing 0.10% higher in the previous session.
The pair is extending choppy trade above 21-EMA support and technical analysis suggests the pair is poised for upside resumption.
Price action has bounced off channel base support and has retraced brief dip below 200-DMA.
Momentum has turned bullish with RSI edging above the 50 mark. Stochs are also sharply higher.
A bullish 5-DMA crossover on 20-DMA adds to the upside bias. MACD shows bullish crossover on signal line.
The pair is trading pivotal at 200H MA support. Intraday bias has turned slightly bearish. Break below 200H MA will see further weakness.
Bounce off 200H MA will see upside resumption. Scope for test of cloud top at 1.0850. Break out of cloud will confirm further bullishness.
On the flipside, 21-EMA is strong support at 1.0773. Break below will see test of channel base support at 1.0730.