AUDNZD jumped to a fresh 2-year high of 1.1040 earlier this week, though the pair encountered strong resistance near that area and subsequently pulled back. Now, the bulls have taken over again and the price seems to be headed for another test of that zone. A potential break above it would reinforce confidence in the uptrend.

Short-term momentum oscillators on the four-hour chart are reflecting the latest spike higher. The RSI is already above 50 and looks to be headed for a test of its 70 zone, while the MACD is testing its red trigger line, with a potential move over it being a positive sign.

Should buyers stay in charge and drive the battle above 1.1040, that could set the stage for a test of 1.1070, this being the January 2018 peak. Charging higher, the market might encounter more difficulty around the December 2017 top of 1.1110, with even steeper advances aiming for the 1.1170 region, marked by the August 2018 highs.

If the bears retake the reins, their first obstacle might be the 1.0930 hurdle, which is fortified by the 50-period simple moving average (SMA). A violation would open the door for the 1.0880 territory, where the short-term upside support line drawn from the July lows also resides.