AUD/NZD made a sharp recovery in 2020, up from 0.999 level, which is a suggestion that the trend can be changing to bullish mode. We labeled rally from the lows as a wave 1/A, first leg of a bigger, minimum, three-wave recovery, which has found resistance and a temporary high at the 1.087 level, where the upper channel line, and former swing high proved to be good resistance for the pair.
Now price is declining, however only temporary as this can be part of a bigger correction as wave 2/B. Possible support/bullish reversal for the price can in days/weeks ahead be seen at the 1.052/1.030 region.
AUD/NZD, daily
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