AUDNZD Ascending Triangle Bullish Breakout Targeting 1.1340

The AUDNZD currency pair is currently trading at 1.1140, with a target price of 1.1340, suggesting a potential upward move of 100+ pips. The pair is forming an ascending triangle pattern, a classic bullish continuation pattern. This pattern typically forms when the price consistently makes higher lows while encountering a horizontal resistance level, signaling a potential breakout above the resistance. Traders are looking for a confirmation of the breakout above the resistance level to target 1.1340.

From a technical perspective, the ascending triangle is often a sign of market indecision, but it’s typically followed by a breakout to the upside when the price pushes through the resistance at the top of the triangle. In this case, the breakout would likely target the 1.1340 level, where the next significant resistance could come into play.

On the fundamental side, the Australian dollar has been relatively stronger recently due to robust commodity exports, particularly iron ore and coal. In contrast, the New Zealand dollar faces pressure from a more dovish outlook from the Reserve Bank of New Zealand, which has recently taken a cautious approach to monetary policy. These economic dynamics could support the bullish case for AUDNZD, especially if the breakout occurs in favor of the Aussie dollar.

In summary, the ascending triangle pattern on AUDNZD points toward a bullish breakout above the 1.1160 resistance. If confirmed, the pair could target the 1.1340 level. Keep an eye on any upcoming economic data from both Australia and New Zealand, as these could provide further confirmation or invalidate the breakout.