- Bulls eye a breach of 1.0800, which increases the likelihood that 1.0850 will be the next stop.
- The trendline support and 1.0750 are the targets for the bears.
With diminishing concerns over the global banking system, the Australian and New Zealand Dollars are bid, with the Aussie leading the way ahead of the impending US Federal Reserve policy meeting. The bulls are active, as the following example shows:
NZD/AUD H4 chart
On the front side of the mini bull trend that began earlier this week, the price is currently ascending out of the bearish trend. If 1.0800 is broken, the next stop of 1.0850 becomes vulnerable. On the other hand, if 1.0750 and the trendline support are broken, a negative bias will remain on the charts for some time.
