Quotations of the AUDNZD move in an upward trend, which has the form of a channel. In the last analysis, I mentioned the break out thru the bottom from the iniude bar formation and breaking the support at 1.0960.
Then (August 25) the talk was about slowing down the trend after breaking its accelerated line:
“The wider upward trend is still in force, and yesterday’s break only means its slowdown. If the current test of the new resistance zone proves to be positive, quotations may continue to the area where horizontal support close to 1.0840 coincides with the trend line running from this year’s lows. ”
The course actually reached the area of confluence of supports, where the trend line coincides with the horizontal zone, updated to the level of 1.0855. There, buyers have appeared again, who have been pushing AUDNZD to higher levels since the beginning of this week.
A positive reading on Australian GDP today sent quotes back above the resistance at 1.0960. The question remains whether the buyers will successfully break this level at the closing of the session.
If the area within 1.0960 turns into support again, the price may still go to the key resistance at 1.1145. However, before this happens, the bulls will still have a barrier around 1.1052 to overcome.