AUDNZD declined considerably from early October’s peak of 1.0992 to eventually hit a seven-month low of 1.0588 on Tuesday. It is currently trading not far above the aforementioned trough. Attesting to the bearish short-term bias are the negatively aligned Tenkan- and Kijun-sen lines. Notice though that the two appear to have halted their declines, which may be an early sign of weakening negative momentum. Lending credence to this view is the RSI which is moving sideways in bearish territory. Additionally, notice that the indicator has entered oversold levels, suggesting that the selloff may be overextended. Thus, a ... (full story)