AUD/NZD: Increasingly looks like base in place
- Possible double bottom at 1.1200 (see chart);
- Prices have fallen already a long way in what is normally a very stable pair;
- NZ rates certainly more likely to go up rather than down but this is already priced in.
I can easily visualise this pair trading back towards 1.1700 again and of course a break and hold above there could confirm a double-bottom pattern. Risk-reward favours buying dips with stops well below 1.1200.