AUD/NZD: Bullish Signal On A Weekly Close Above 1.0720-72
The low of 2015 holds the structure of a LT bottom and as such we have been on alert for confirmation that the correction of the past year is complete. Weekly RSI and MACD have produced this confirmation from a MT momentum perspective. We now need to see this confirmed in price.
Weekly Bollinger bands have been crucial in defining the range for many months.
A weekly close above the upper weekly Bollinger band at 1.0720 and multi-month range high at 1.0772 will confirm that a MT base is likely in place, launching a multi-month uptrend targeting 1.12/1.13.