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Fan Yang

AUD/NZD on a Bullish Continuation Swing

In the previous update, we looked at AUD/NZD as it threatened to signal bullish continuation. We put the line in the sand at 1.0520. Since then, price has broken above 1.0520, then held above 1.05 after a pullback. This price action suggests further upside.

AUD/NZD 4H chart 1/20

(click to enlarge)

Bullish Continuation Breakout:
- As we can see on the 4H AUD/NZD chart, price action has been bullish since the end of 2016 when it bounced off of 1.0355.
- There has been a clean break above a falling resistance. Price has also switched to trading above the 200-, 100-, and 50-period simple moving averages in the 4H chart.
- There was a short-term consolidation when price retreated from 1.0570. 
- But after bouncing off 1.0465, we have a bullish continuation breakout.

Bullish Targets:
- At the moment the 1.06 or 1.0650 area could be considered a short-term target.
- In a longer-term view, we can see upside towards a common resistance in the 1.0740-1.0775 area. 
- At this point, 1.05 is key. A break below this pivot could signal the end of bull's control of AUD/NZD. 

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