AdrianRaymondFX

Bottom picking the AUDNZD cross

A lot of traders have taken interest in the AUDNZD             cross since 2014 as prices have reached a level around 1.04/05 that's held firm since 1979. While we may see another bounce off 1.035 in the coming days, recent price action suggests a risk of diving further towards multi-year lows before a true bottom can take shape. Looking at a monthly chart over the past 16 years, I've noticed a trendline that comes in at around the 1.005 level. I'd suspect that if prices fall further, we'll see some kind of initial reaction to the upside when the Aussie dollar nears parity with the Kiwi dollar. Be mindful that the end of the bearish cycle may be close, but it seems to me too soon to call.
Wow, the support was hit right on!
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