After falling below the supportive trendline and lowering the possibility of an upside continuation, it seems like the AUD/NZD pair caught a bid and it was maybe a simple bear trap. The pair fell to a low of NZ$1.0767 but managed to remain above the support of $1.0728, technically creating a higher low this far. As the pair trades around NZ$1.0916 and back above the supportive trendline, we may see a short period of consolidation before essentially a pop higher. However, we can see there has been a slight struggle to move above the resistance of NZ$1.0943. A break above here would further strengthen the likelihood of another leg higher towards the area if NZ$1.10-NZ$1.11, as mentioned and analysed in our previous posts on AUD/NZD. Although traders should be cautious as failure to break above the level of NZ$1.0943 could see the supportive trendline return to focus. For now, the support level along the trendline reads NZ$1.0880, therefore, only a move below here may create some concerns. However, only a move below NZ$1.0798 would create greater concerns. Based on the technical indicators, the momentum has returned to bullish positioning when we look at the MACD and RSI, which could offer additional support in the near term.