FxWirePro: AUD/NZD spikes higher after brief consolidation, break out of daily cloud will propel the pair higher

AUD/NZD chart - Trading View 

AUD/NZD has broken consolidation in the pair from the past few sessions and spiked higher.

The pair was trading 0.42% higher at 1.0713 at around 09:50 GMT, outlook bullish.

Aussie buoyed across the board after RBA Lowe's comments who said that the central bank has till now refrained from verbal intervention.

Lowe said that the Aussie dollar is trading broadly in line with the fundamentals and that there is no need to push down the Aussie dollar. 

Further positive risk sentiment buoyed by expectations for a fiscal rescue package in Europe and progress toward a coronavirus vaccine add support to the Aussie.

AUD/NZD has held 21-EMA support and after extending consolidation for the past few sessions has resumed upside.

Momentum studies are bullish. Price action has tested cloud top. Decisive break above cloud will fuel further gains.

Scope for test of major trendline resistance at 1.0830. 21-EMA is strong support at 1.0659. Break below negates bullish bias.