AUD/NZD bullish momentum accelerates above the last week’s top

On the daily chart, the AUD/NZD pair has been trading in an uptrend since last December. Currently, AUD/NZD is up for the fourth consecutive day on Tuesday, April 5, with buyers attempting to hold above the last week’s top at 1.08827. Bullish momentum has enhanced as the moving averages crossover, followed by the rebound from the confluence of support levels around 1.06100 on March 15.

Suppose they successfully close the session above this hurdle. In that case, Hence, the 1.09187 barrier, which lines up with a 127.2% Fibonacci level, can prove to be the following resistance. By overstepping this barrier, further traction would encourage more buyers to challenge the 161.8% Fibonacci retracement at 1.09644. upside momentum may persist if the price breaks above this level, aiming for the 1.10149 hurdle.

On the flip side, a retake by bears will likely result in a test of the 1.08827 previous level of interest. Breaking through this hurdle could push the AUD/NZD towards the last bottom at 1.07505. however, as long as the pair is above this barrier, the uptrend remains intact.

Oscillators suggest the rally could carry on as RSI is trending up sharply in buying territory, and momentum is also gaining above the 100-baseline. Likewise, the MACD histogram rises in the positive region above its signal line.