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Chart - Courtesy Trading View
Technical Analysis:
- AUD/NZD was trading 0.47% higher on the day at 1.1075 at around 12:00 GMT
- The pair has snapped a 5-day downside and spiked higher to retrace above cloud and 21-EMA
- Price action has broken above 200H MA and GMMA indicator has turned bullish on the intraday charts
- Momentum is turning bullish. RSI has edged above the 50 mark and is biased higher
- The pair is testing 20-DMA resistance at 1.1075, decisive break above will fuel further gains
Support levels:
S1: 1.1039 (55-EMA)
S2: 1.1011 (Lower BB)
Resistance levels:
R1: 1.1075 (20-DMA)
R2: 1.11
Summary: AUD/NZD snaps 5-day downside, retrace above cloud has raised scope for upside.
