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AUD/NZD Reversal Signals

AUD/NZD is a candidate for at least some short-term bullish reversal. Looking at the 4H chart, we can see that it fell from a high around 1.1340 in mid-September to a low of about 1.0500 at the end of October. so far in November, the pair has shown a relatively strong bullish attempt.

AUD/NZD 4H Chart 11/10

(click to enlarge)

There are a couple of signs for a bullish reversal. 
1) Price broke above a falling trendline. 
2) The RSI has pushed above 70, signaling bullish momentum. 

There are a few more signs that would further confirm the bullish outlook. 
1) If price can break above the 200-period simple moving average. 
2) If the RSI can hold above 40. 
3) Another possible clue for the upside is if price holds above 1.07. 

From the existing and anticipated conditions, listed above, a buy on a dip could be a trading strategy for AUD/NZD in the short-term (a week or two). For example if price falls back towards 1.07, we can consider a buy there. The short-term target should be limited to 1.0950-1.10, a psychological level (1.10) and a support/resistance area seen in the 4H chart. 

If price breaks below 1.07, we will need more clues to signal that a price bottom is setting up.