Overview-: AUDNZD is pair creating the buying signals and the pair is in a range bound and the uptrend can expect in this session. The bullies are forcing the market and creating a bullish pattern in the market. The Australian dollar looks set to extend its push to fresh the monthly highs this week. Buoyed by robust economic data and the nation’s progressive return to normalcy. The pair gives the technical bullish outlook to the traders. global risk appetite remains in the strong phases with the equity market having pushed to fresh highs within the recent days.
We can say the Australian dollar is going to benefit the customers from improving their investor confidence as COVID-19 vaccine got approval and it showing its development in many of the western countries. So, the impact we can see here as the market value of the pair is increasing. Bulls are leading in the game and creating the buy signals in the market.
Technical Analysis: From the technical perspective we can say the pair is creating the buying opportunity in the market. The Australian dollar has surged by 2.11% against the New Zealand dollar since the beginning of December. The currency pair has breached the 200 SMA in these trading sessions. The AUD/NZD exchange rate is likely to continue to edge higher during this week’s trading sessions. The odds are in favor of the bulls.
On the 4 hourly charts, we can see that the price pattern is creating swings in the north side and the RSI is also supporting the patterns in creating the bullish signals. In daily chart also the pair is creating the upside force from 1.0513 and keeps rising. The RSI is also above the 50 level and favoring bulls as the MACD will also above the zero line and creates buy signals. So, we can suggest our buyers to go for buy in this pair.
Trade Idea: Based on the chart and studies above we would suggest that the buy pair at 1.0615 and the target will be 1.0723 and 1.0820 and the stop loss will be 1.0515.
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