AUD/NZD – Indicators are supporting the bullish move
The AUD/NZD on the 4-hour time frame has been following an uptrend recently. The price broke above 1.06000 on 22 August. Bulls are pushing the price higher as key technical indicators are supporting the bullish trend. The price action in the AUD/NZD is mainly driven by the weakness in the NZ Dollar. As of writing, the price is hovering around 1.06060 with positive MACD and price above 200 period simple moving average.
The 4-hour chart of the AUD/NZD confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is above the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the AUD/NZD. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment.
In alternative scenario, key support level lies at 1.02667. Bears must break this level in order to regain bearish sentiment in the market.
The 4-hour chart of the AUD/NZD confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms.
By applying Oscillators Analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is above the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the AUD/NZD. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment.
In alternative scenario, key support level lies at 1.02667. Bears must break this level in order to regain bearish sentiment in the market.