Above 1.0155 and trend line resistance
The AUDNZD got oh so close to the 1.0000 parity level (see prior post on the AUDNZD here). On the move to the lows (on Monday), the price was able to extend below the lower channel trend line, but that move failed.
Of course the RBA decision to keep rates unchanged on Tuesday, helped propel the pair sharply to the upside. That move higher stalled right at the top side trend line on the 4-hour chart below (see blue circle 3 - nice, nice).
Since that peak, the pair has been consolidating with support at 1.0155 area. This was lows from March 30 and March 31 (read horizontal line on the chart below)
In the current 4-hour bar, the price has been forced to push above the channel trend line and now looks toward the 38.2% retracement at 1.0213 and the 100 bar moving average on the four-hour chart at 1.0226, as the next top topside targets.
Looking at the 5 minute chart the consolidation has been confined in a narrow trading range with up and down flows. The pair is trying to break higher but has the topside resistance at the highs and the trend line to contend with at the 1.0216 level. A break above, however and the pair will focus on the 100 bar MA on the 4-hour chart next. Look for support /risk at the 1.0182-86 now. The 1.0182 is the 50% of today's trading range. The 1.0186 is the high from earlier.
