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AUD/NZD Threatens Resistance

The AUD/NZD has been consolidating throughout 2014, with a low at 1.0491 and a previous high at 1.0952. Today's bullish price action is challenging this resistance, threatening to complete a price bottom.

(audnzd daily chart)

A break above 1.10 will also clear the 200-day SMA. If the RSI also pushes above 70, we will have the making of a bullish signal. Then if price can hold above 1.0800 upon a pullback, the bullish scenario is in play.

In the bullish scenario, the first key resistance will be at 1.1195, a previous consolidation support level.