AUDNZD - Short covering

AUDNZD (1H) - short term bullish bias

The downtrend might see a correction in the next few hours as multiple signs of reversal start to show up. Yesterday's RSI divergence was the first indication that the downside momentum has decelerated, which could give buyers an opportunity to lift the price. Last night's strong impulse above the immediate resistance of 1.0430 has prompted a wave of short-covering, and along with a bullish MA cross, suggests that the Aussie is ready to recover lost ground.

Key support: 1.0400
Key resistance: 1.0470