AUD/NZD Upside Continuation!

AUD/NZD Upside Continuation!

AUD/NZD increased as much as 1.0947 level after breaking out from a minor continuation pattern. The bias is bullish as the pair failed to confirm a corrective phase in the short term.

The pair consolidated after the last upside momentum and now it seems determined to resume the swing higher. Technically, we cannot exclude a minor, temporary, decline as the rate could come back down to test and retest the broken upside obstacles before jumping higher.

H1 Chart Analysis!

AUD/NZD registered a valid breakout from the minor symmetrical triangle signaling a further upwards momentum. It has jumped above the upper median line (UML) which represented a dynamic resistance.

Closing above 1.0937 former high could really confirm that AUD/NZD should jump way higher in the upcoming days. As you can see on the H1 chart, AUD/USD failed to stabilize under the Pivot Point (1.0876) level indicating that the price could approach and reach at least the R1 (1.0972).

Conclusion!

AUD/NZD rallied in the short term confirming its breakout from the minor symmetrical triangle. The outlook remains bullish as long as the price will be traded above the 1.0891 former low.

The R1 (1.0972) and R2 (1.1033) are seen as potential upside targets. A larger growth will be validated by a valid breakout above the R1.

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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.