AUD/NZD Price Analysis: Bulls aim for monthly top despite struggling near 1.0750

• AUD/NZD eases from the highest since June 24 while keeping recovery from 1.0666.
• Bullish MACD, recovering ADX suggest further upside momentum.
• An eight-week-old resistance line gains immediate attention of buyers.
• The bears may refrain from entry unless witnessing downside break of 200-bar SMA.

AUD/NZD seesaws around 1.0750 during the early hours of Wednesday morning in Asia. The pair recently surged to the highest since June 24 but witnessed a pullback from 1.0764 afterward. However, upbeat signals from ADX and MACD, coupled with the pair’s sustained rise past-200-bar SMA, keeps the bulls hopeful.

Hence, a slightly downward sloping trend line from June 04, at 1.0778 now, gains the market attention ahead of a three-week-old ascending resistance line, currently around 1.0830.

During the pair’s further upside past-1.0830, June month’s top close to 1.0883 and 1.0900 round-figures will be in the spotlight.

Alternatively, 1.0700 may entertain the traders in the case of the quote’s further weakness. Though, sellers are less likely to be pleased until it breaks a 200-bar SMA level of 1.0665.

In doing so, 1.0630 and the monthly bottom around 1.0560 can become their favorites.

AUD/NZD four-hour chart

Trend: Bullish