AUD/NZD Is Rising

AUD/NZD could not quite reach the support at 1.0800 which coincides with the (MA)89 indicator on the daily time-frame and bounced off from 1.0825, forming an obvious double bottom at level on the same time-frame. What is more, the pair had formed a clear inverted hammer candlestick on the weekly time-frame, which was a clear signal for an impending move to the upside, further confirmed by the double bottom. Currently the pair is quite bullish and it is testing the resistance at 1.0977. A breakout above that level will probably lead to a further move to the upside towards the next major resistance level at 1.1080. A breakout above that resistance in turn is a likely signal that the pair may test the high at 1.1145 once again.