AUD/NZD is extending gains in the aftermath of a bullish Hammer candlestick pattern.
Prices have since taken out the 20-day Simple Moving Average, a further upside close could confirm the breakout. Such an outcome may place the focus on the 50-day SMA.
Clearing the 50-day SMA may open the door to a material turn higher. In such a case, watch the 1.0541 - 1.0564 inflection zone.
Otherwise, resuming the broader downtrend since March entails clearing the 150% Fibonacci extension at 1.0292 towards the 161.8% level at 1.0252.
AUDNZD
Prices have since taken out the 20-day Simple Moving Average, a further upside close could confirm the breakout. Such an outcome may place the focus on the 50-day SMA.
Clearing the 50-day SMA may open the door to a material turn higher. In such a case, watch the 1.0541 - 1.0564 inflection zone.
Otherwise, resuming the broader downtrend since March entails clearing the 150% Fibonacci extension at 1.0292 towards the 161.8% level at 1.0252.
AUDNZD