General overview: The AUD/NZD is up again on Wednesday as it continues to recover from the 1.0727 area. The Aussie gains for the fifth day in a row versus the Kiwi, consolidation likely. The pair creating the bullish pair in the market. After rising during many consecutive days, a pause in the Aussie seems likely. Still, momentum favors the upside, and the RSI suggests more gains are possible. Bulls are forcing the market and create bullish signals which are favoring the market. The High Rollover rates and geographical locations cause them to often trade alike against other currencies. Because of this the pair is not extremely affected by global factors or trends but instead reacts more to changes in the local economies. We can see in the market pair creates the higher high sides and creates buy signals.
Technical overview: Technically market creates buy signals in the market. Bulls are forcing the market towards the buy-side in the market. The bulls are getting higher highs and the pair trades above EMA and SMA lines as this gives strong confirmation for buy signals. The market finds its breakout at the level 1.0545 and steady growth can be seen in the chart on 4 hourly bases. The indicators also travel above the 50 levels and create the buy-side as well as MACD also travels above the zero lines and create the buy-side. The pair trying to reach resistance level 1.0800. The support level is 1.0678 followed by 1.0628 and resistance is 1.0778 followed 1.0828. The way bulls are reacting it seems like bulls are forming the rounding bottom pattern and the next arrival of the bulls is 1.0900.
Trade idea: From the above content we can conclude traders go for buy at level 1.07291 and target will be 1.0808 -1.0858 and stop loss will be 1.0649.
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