AUD/NZD – The pair eyeing a close above 1.07000
The AUD/NZD currency pair on the 4-hour time frame has been following an uptrend recently. The price broke above the 1.07000 level to register the highest level in 3 months at 1.07292 on 16 April. The price action in the AUD/NZD is mainly driven by the strength in the Aussie Dollar. The price is currently hovering around 1.06900, eyeing a close above 1.07000
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 well above the 200-period 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 1.05728. 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 well above the 200-period 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 1.05728. Bears must break this level in order to regain bearish sentiment in the market.