AUDNZD is in a interesting place on the chart. Third time in a row trend line drawn from last year’s lows was tested.
In turn, looking on H4 chart, we have a large bullish candle followed by upward movement and yesterday a higher high was set at 1.0515.
Currently, quotations are struggling with a dynamic support – 20-period SMA. If price manages to maintain level set by SMA, the rebound can lead to breakout yesterday’s high.
Successful closure above yesterday’s maxima may indicate continuation of growth and then the nearest potential direction will be resistance around 1.0595.