The AUDNZD is in a downtrend, but the risks of a reversal are rising.

The AUDNZD has been in a steep downtrend after breaking below the 1.0500 level. However, over the last week the RSI stopped moving lower and we have made a higher low which is now at risk of breaking the minor trend line near 1.0350, but a break of the 1.0380 level would be needed to get a short squeeze towards 1.0450.

AUDNZD Chart of the Day

Blake Morrow