The AUD/NZD is at a historical rejection area, 1.0369-79 near -1/8 Overshoot Octave. Expect a bullish rejection in the POC zone if price makes a bullish reversal candle pattern
The POC zone 1.0360-70 is an area of strong confluence (D L5 // -1/8 MM Octave), situated at the same levels of historical lows. This historical level rejection holds significance as it is the lowest the pair has ever gone since the January 3rd currency flash crash. Our proprietary ECS MACD indicator is indicating the start of bearish momentum decay. A strong bullish reversal candle pattern (Piercing Line, Engulfing, Morning Star, Hammer, Three Inside Up, or Inverted Hammer) will be a good confirmation of entry.
Target is 1.0437 ( W H3 // D H3 // 4/8 Major Octave). If price closes strongly above this level, it could reach 1.0455 (W H4 // D H4 // 5/8 Octave)