Positive Outlook for AUD/NZD as Key Supports Hold

Let’s revisit the AUD/NZD pair, which we mentioned some time ago. The price flawlessly escaped from the symmetric triangle pattern marked by black lines, breaking to the upside. This breakout was followed by a breach of the orange dynamic resistance line, providing a strong buy signal. The price surged significantly, breaking the key resistance at 1.086, which has now turned into support. This support successfully held on Friday and Monday, leading to a bounce to the upside.

With the price above the yellow area and the downtrend line, the buy signal remains strong. Among the currencies from the Antipodes, the AUD currently appears much stronger, and the sentiment here is positive. The bullish outlook is reinforced as long as the price stays above these key levels, suggesting further gains ahead.

Overall, the technical indicators suggest a continued positive sentiment for AUD/NZD. The breakout, followed by a successful test of the new support, indicates strong buying pressure. Traders should look for the price to maintain its position above the yellow support area and the downtrend line for further confirmation of the bullish trend.

Source: https://www.axiory.com/analytics/technical-analysis/positive-outlook-for-aud-nzd-as-key-supports-hold