FxWirePro: AUD/NZD extends bullish streak for the 6th consecutive session, eyes channel top at 1.0815

Chart - Courtesy Trading View 

Spot Analysis:

AUD/NZD was trading 0.22% higher on the day at 1.0770 at around 05:50 GMT

Previous Week's High/ Low: 1.0742/ 1.0665

Previous Session's High/ Low: 1.0755/ 1.0718

Fundamental Overview:

Australia’s Building Permits slumped -27.9% during January, versus -3.5% expected and 8.2% in the prior month.

Trade Balance for the said month rose to 12891M compared to 9050M market consensus and 8356M prior.

Details of the report showed Exports rose by 8.0% versus the previous growth of 1.0% whereas Imports shrank 2.0% versus the previous growth of 5.0%.

Technical Analysis:

- AUD/NZD is extending break above weekly cloud

- Momentum is strongly bullish, Stochs and RSI are sharply higher

- GMMA indicator shows major and minor trend are strongly bullish

- MACD is on verge of bullish crossover on signal line, ADX supports upside

- Price action is above daily and weekly cloud and Chikou span is biased higher

Major Support and Resistance Levels:

Support levels - 1.0720 (21-EMA), Resistance levels - 1.0815 (Channel Top)

Summary: AUD/NZD trades with a bullish bias. The pair is poised for further gains. Scope for test of channel top at 1.0815.