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FxWirePro: AUD/NZD struggles at daily cloud, break above will fuel further gains

AUD/NZD chart - Trading View 

Technical Analysis: Bias Bullish

- AUD/NZD was trading 0.05% higher on the day at 1.0791 at around 11:00 GMT

- Price action was struggling at daily cloud, decisive break above will buoy the pair higher

- Momentum is strongly bullish, Stochs and RSI are biased higher, RSI is well above the 50 mark

- GMMA indicator shows major and minor trend are bullish on daily and weekly charts

- MACD and ADX support upside, volatility is high and rising as evidenced by widening Bollinger bands

Support levels - 1.0781 (5-DMA), 1.0757 (200H MA), 1.0748 (55-EMA)

Resistance levels - 1.0793 (Cloud top), 1.0842 (Upper BB), 1.0951 (110-month EMA)

Summary: AUD/NZD trades in Rising Channel pattern. Price action has bounced off channel base support and uptrend has now paused at daily cloud resistance. Decisive break above will fuel further upside in the pair. Scope for test of 110-month EMA at 1.0951.

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