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AUD/NZD - More Evidence that Bulls are Holding Ground

If you follow my posts, you know I have been bullish on AUD/NZD. I have bought on dips, and gotten in and out a couple of times in April. There appears to be an intense battle between the Aussie and Kiwi as we can see in the daily chart. 

AUD/NZD Daily Chart 4/20


(click to enlarge)

I would have to say that bulls hold at least a slight victory. 
1) The prevailing trend in 2016 is bullish
2) Price is trading above the 200-, 100-, and 50-day simple moving averages
3) The RSI has pushed above 70 and held above 40.
4) Price has established a key support around 1.1050, and AUD/NZD is holding above that so far. 

Today's price action suggests further that bulls are holding ground. This puts the 1.13 high in play, with the 1.14-1.1420 key resistance area in sight as well. This resistance is a neckline of an inverted head and shoulders pattern we can see in the weekly chart.

AUD/NZD Weekly Chart 4/20

(click to enlarge)