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Right now, there isn’t a lot of great opportunities in the majors with the dollar extended at the moment, which has focus shifted elsewhere in the crosses. AUD/NZD has rallied sharply since bottoming off a trend-line dating back to 2015 and may soon offer another long opportunity.

The current decline is putting pressure on a crossroad of support. Confluence between price support back to July, the trend-line off the April low, and a backside retest of the broken trend-line off the October high, makes the area in the low-10800s an important one.

However, until we see a bullish rejection off support buying into the current decline isn’t that appealing. But if we see a strong turnaround today or in the next day or so, then with validation of support we could see the recent weakness as a chance to join in on an extended move higher towards resistance over 11000.

Updates will be provided on this idea and others weekly, in the trading/technical outlook webinars held on Wednesday and Friday .

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AUD/NZD Daily Chart (looking for a bullish rejection at support)

AUDNZD daily chart with confluence of support, need bullish rejection first

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX