Quotations of the AUDNZD currency pair are moving in an upward trend, the acceleration of which we could observe after breaking the resistance at 1.0960. As can be seen in the daily chart below, the rate quickly broke another resistance at 1.1051 and slowed down only around the next defense zone at 1.1137.
The rebound from the resistance at 1.1137 pushed the quotes into the dynamic support provided by the EMA 10/20 channel. It was there in the last days that the formation of the inside bar formed, where the quotations from the two previous days are included in the range of Tuesday’s session.
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It is therefore important now how the price action on this currency pair will unfold. If it comes to breaking the top and closing the session over the Tuesday’s high, the rate may continue the upward trend and again head towards the zone at 1.1137 / 73.
However, the bottom break should not be an opportunity to trade because of the multitude of support found below the bottoms of the mother candle. We are talking about the medium channel EMA 10/20, the horizontal area within 1.0960 and the accelerated upward trend line running from the low from June this year.