A secondary weekly trendline at 1.2350 has been confirmed as support and once the weekly low was confirmed, which happened yesterday morning, the big players piled into this cross. Nearly every currency manager wants to be long of this pair and hence the big weight of buying yesterday, sending AUD/NZD from 1.24 to 1.2650.
Initial resistance should be solid near 1.2685 but buying dips back towards 1.2500 is now my preferred strategy.
