AUD/NZD Price Analysis: 1.05 on the bull's radar on break of 1.0480

AUD/NZD is perking up in Tokyo and embarking on a break of key structure.
AUD/USD rising towards channel top, 0.7180 eyed.

Ross J Burland FXStreet

AUD/NZD is attempting to move in on the 1.15 figure in Asia as the Aussie recovers following a correction of the knee-jerk reaction to the news of the new variant of the coronavirus, Omicron. AUD/USD is embarking on a 36.2% Fibonacci retracement which is underpinning the cross to the tp side of the accumulation as follows:

AUD/USD daily chart

AUD/NZD hourly chart

AUD/NZD's hourly outlook is for a test of the hourly resistance once the first layer has broken. The immediate resistance at 1.0480 would be expected to act as a support on a restest of the area. If this holds as support, then bulls would be expected to move in further for a test of 1.05 the figure in the coming seasons.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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