For two months, AUDNZD was in the channel between 1.0845 and 1.0980. On October 19, the bottom of this channel finally was broken and it seemed that it was time for further declines. Currently, however, this is not so sure, because support (and now resistance) has been again violated twice in the last few days. Now we are dealing with a retest of this level from the bottom.
To use the analysis and invest on EURAUD, check the offer of the HotForex broker
A chance for further declines?
The AUDNZD price broke back below support at 1.0845 yesterday and made it without any major problems. Currently, however, we have an upward correction, which has approached several pips to this level. If there is a successful rebound in this area, the way to falls will open. Another important support is only at 1.0690, but on the way, there is a weaker, but also important zone to overcome.
I mean the range of 1.0760-80. The lower limit determines the last bearish gap from October 21. At 1.0780 there was a recent upward rebound, similarly, this level behaved in June this year. Short-term investors should look for the target for their shorts in these areas.
