AUDNZD W1 - time to reverse?

FX_IDC:AUDNZD   Australian Dollar / New Zealand Dollar
16 0
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.
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