The Pair has formed a Ascending Triangle pattern on an hourly time frame; A shortfall is seen in the formation indicating an upside breakout. For a proper breakout the pair has to close above the resistance line.

Pair closing above the resistance line would be an indication of a breakout on the Upside.

Breakouts can be on either side but in the current scenario it seems the breakout is on the upside.

The prices are trading above the EMA indicating a positive move.

Advice : Buy if the pair closes above the resistance line.

AUD/NZD

May 16 2022