AUD/NZD Pushing Higher Into Resistance

AUD/NZD Pushing Higher Into Resistance

AUD/NZD is pushing higher but the price is reaching a strong resistance level at the 61.80 Fibonacci retracement level that coincides with the last significant swing high. The swing high from the beginning of March led to a strong sell-off. A break above this level could lead to more bullish pressure.

On the 4H timeframe, the STOCHASTIC is showing a wedge pattern which indicates a loss of momentum. Breakouts through STOCHASTIC patterns are often strong trend triggers.

Employment data is due on Thursday for Australia.

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