AUD/NZD Moves Up

AUD/NZD has shown on the daily timeframe that it's been getting a lot of mixed signals in a choppy trading environment. Price recently broke our of the descending trendline to the upside, which led price bullish into forming a new higher high.

Since price formed the higher high, it has retraced back to the downside where we have seen a new higher low form including a rejection from the EMA's. The EMA's have now crossed over bullish. As price is now heading back to the upside, we are watching for a break and retest of the 1.07550 resistance area for a long position.

A break and retest with bullish price action would warrant a long order. It is best to look for price to reach the 1.09600 resistance in order to make a decision whether to open a position within this pair.

Chart: AUD/NZD D1