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AUD/NZD Has Built a Major Price Bottom

AUD/NZD has been bearish for 3 years, since it was at 1.3794 in March of 2011. It came down to 1.0491 to start the year, and price has been sideways for the first half of the year. 

However, price has made a fresh high on the year in June, July and August. Price is creating a bottom, especially with this week starting bullish.
In the weekly chart you can see price climbing above the 50-week simple moving average, which reflects a change in trend. 

AUD/NZD Weekly Chart


(click to enlarge)

There is an immediate resistance factor at 1.1195, which was the support during the August-November 2013 consolidation. Above that the next resistance is around 1.15 to 1.1550, which contains the 100-week SMA. Above that the 1.1660-1.1753 area contains a previous resistance pivot and the 38.2% retracement level. If price makes it up here, a falling trendline from the origin of this 3-year bear market might, might reinforce the resistance area.

We should look for a medium-term bullish outlook, and look for short-term bearish attempts as opportunity for buyers.