AUD/NZD Bounce
AUD/NZD has been closing in on a 3 year ascending trend line after a drastic sell off these past few months. As we reach the lower side of a 5 year range the Aussie dollar is likely to rebound more from here. The weekly candle has turned into a bullish hammer, and demand for the Aussie has picked up. The 50day MA has also crossed upward through the 200, signalling a possible change in trend. Support around 1.05 has shown strong rebounds in the past, shown at 1,2, and 3 with ellipses. The AUD/USD pair also support the trade.
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