In the last analysis of the AUDNZD currency pair from 9 April, I paid attention to the movement of quotations towards the key support provided by the trend line running from the bottom of 2015.
As can be seen in the weekly chart below, the pair after reaching the trend line, tested it, and as a result, the week ended at a level higher than the opening, for the first time in 4 weeks.
The increases have been continued until today (6 weeks in a row), and the quotes have easily overcome the resistances indicated in the previous analysis, within 1.0652 and 1.0824. This signals a significant advantage of the supply side and may be a buying opportunity.
The next levels of support are now broken resistances at 1.0860 and 1.0750. Close to the second level, there is also dynamic support in the form of a 20-day SMA, visible in the chart below.
In turn, the key goal for the increases is the trend line running from the 2015 peak. Before the quotations get there, however, the buyers will still have to overcome the horizontal resistance at 1.1050.
