New Zealand Markets closed

AUD/NZD Proceeds With Uptrend As Expected

Nenad Kerkez

The AUD/NZD went exactly as planned rejecting from the POC zone. Our previous AUD/NZD analysis showed a strong support which was respected and the pair proceeds with uptrend.

The pair is above W H3 and D H5 which suggests strong uptrend. If we see a retracement, pay attention to POC 1.0465-85 (50.0, ATR pivot, W H3, D H5/H4, EMA89, inner trend line). As you can see this is the cluster of support so now moment buyers might be waiting for another chance to push the price higher. If the price breaks and closes above 1.0550, we might see 1.0600 – W H5 level.

AUD/NZD 1H Chart

Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets

This article was originally posted on FX Empire