AUD/NZD Price Analysis: Bulls take on critical resistance, riding dynamic support
- Bulls eye a break of 1.0800 that opens risk towards 1.0850 as the next stop.
- Bears seek a break below 1.0750 and the trendline support.
The Australian and New Zealand Dollars are bid with the Aussie leading the way ahead of the upcoming US Federal Reserve policy meeting amid easing fears about the global banking system. The bulls are in play as the following illustrates:
AUD/NZD H4 chart
We have the price climbing out of the bearish trend and on the front side of the micro bull trend formed earlier this week. A break of 1.0800 opens risk towards 1.0850 as the next stop. On the other hand, a break below 1.0750 and the trendline support will leave a bearish bias on the charts for the foreseeable future.