Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: AUD/NZD bounces off 200W SMA, 'Three White Soldiers' to drive further price gains

AUD/NZD chart - Trading View 

AUD/NZD has gained over 1.20% for the week till date after the pair has bounced off 200W MA support with a 'Hammer' formation in the previous week.

The pair has broken above 'Triple Top' resistance at 1.0840, reinforcing strong upside bias.

Price action has hit 18-month high (highest since Nov 2018), scope for further gains.

A bullish 'Three White Soldiers' pattern on the daily charts suggests bullish momentum to continue.

'Golden Cross' formation (bullish 50-DMA crossover on 200-DMA) adds to the bullish bias.

The pair is throwing numerous signals for a strong bull run. Scope for test of 1.1175 (Aug 2018 high). Dips could be used to accumulate long positions.

On the flipside, 21-EMA is strong support at 1.0714. Dip below will see minor weakness. Retrace below 200W MA at 1.0659 could see major weakness. 
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.