I'm starting to see some bullish divergence creeping in on the AUDNZD currency pair, and with the Aussie off fresh short-term highs and recent higher lows, there is a strong possibility for a turnaround from here.

What is surprising in the recent sell-off, is that the support level never held, taking out a few more bulls on the way down.

Would this have been some technical traders closing their longs when price action pushed lower?

I think this could be the case and I'm looking for the buyers to step in to support the recent bullish price action, which started back around the end of November.

I've set the take profit near the recent highs, but it would be great to see a new short-term high hit.

What's going on across the ditch?

Jul 12 2021