The AUD/NZD has been rallying since holding 0.9322 as support at the end of May. The daily chart shows the rally accelerating this week.AUD/NZD Daily Chart 7/13(click to enlarge)Long-term mode is sideways:The AUD/NZD is bullish in the medium-term since June. The long-term mode, since June 2013, has been a sideways market as we can see in the weekly chart.Bullish trend in a choppy market:We are basically looking at a bullish trend within a sideways choppy market. In this scenario, we should look for a pullback.Buy-on-a-dip consideration:I would look for a pullback to 0.97.To me that limits the risk to a little over 100 pips because I think a dip below 0.96 should not happen in a bullish scenario. Also, look for the RSI to approach 40. It should not dip below 40. The target could be around 1.10. This provides a 300-pip potential reward to something like a 125-pip risk. Bearish Scenario:I think a break below 0.95 will create a clear case for a bearish outlook towards 0.9350 and eventually the 0.9160 low. AUD/NZD Weekly Chart 7/13(click to enlarge)