Declines on AUDNZD has been going on for three months. In previous week demand tried to reverse this unfavourable situation which ended in a rebound from resistance at 1.0550. Support at 1.0390 also did not stop the sell of and as a result AUDNZD reached its lowest level since January 2017.
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Current target for bears is 1.0340 support. At this level we could expect bullish reaction of demand. If this level does not reverse current trend then at least it should trigger an upward correction. Daily chart shows how the 1.0340 level in the past 12 months has repeatedly produced dynamic gains and changed trend for many weeks.
