The weekly AUD/NZD chart shows a dynamic breakout from the bearish channel. The pair has been growing for several weeks and it seems that demand is targeting March 2016 high. It is also worth remembering that the last lows where also a test of more than 20 years old support, so from historical view price is still at fairly low levels.
On the daily chart after breaking level of the previous high pair has corrected. Yesterday’s strong support response indicated a typical re-test. Formation of bullish engulfing suggests that the price in the nearest future will be heading to latest high. It seems that demand should break this high which will mean continuation of a strong upward trend.
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