AUD/NZD Maintains Bullish Momentum Near Upper Range
The AUD/NZD pair was observed trading near the top end of its daily range on Friday, indicating a strong bullish sentiment in the market. This upward momentum is supported by short-term trend signals, suggesting potential further gains in the near future.
Technical Indicators Show Mixed Bias
While the overall outlook for AUD/NZD remains bullish, technical indicators present a mixed bias. Resistance levels are seen above the current price, indicating potential hurdles for further upward movement. Additionally, long-term averages continue to put pressure on the pair, signaling a possible downside risk.
AUD/NZD continues to display upward momentum on Friday, with the pair trading near the 1.0800 zone. Key points to note include:
- The MACD has signaled a buy, supporting the bullish bias
- Short-term moving averages are providing additional confirmation of the uptrend
- However, indicators like RSI and Stochastic remain neutral, suggesting caution may be warranted
- Long-term SMAs indicate potential downside risk despite short-term strength
Price Action Analysis
The Moving Average Convergence Divergence (MACD) has turned positive, indicating a shift in momentum favoring buyers. Other key points include:
- 10-day and 20-day SMAs are aligned below current prices, supporting the bullish bias
- RSI, Bull Bear Power, and Stochastic Oscillator show limited directional bias, keeping some traders cautious
- 100-day and 200-day SMAs remain above current price levels, suggesting broader trends have yet to confirm recent strength
Key Levels to Watch
Immediate resistance levels for AUD/NZD are at 1.0874, followed by stronger zones at 1.0908 and 1.0936. On the downside, initial support is found at 1.0842, with subsequent levels at 1.0833 and 1.0830. Breaking above resistance could signal a continuation of the bullish trend, while failure to clear these zones may lead to short-term pullbacks.
Daily Chart Analysis
Image Source: FXStreet
In conclusion, AUD/NZD shows strong bullish momentum near the upper end of its daily range, supported by short-term trend signals. While technical indicators present a mixed bias, key resistance and support levels provide a roadmap for potential price movements. Traders should remain cautious and monitor key levels for confirmation of the bullish trend.
