Downward trend on AUDNZD

The downside trend for AUDNZD is doing great. Supply once again proved on Friday that it is in power. Significant support at 1.0570 was broken, and today we have seen return to this level which was tested this time from below, confirming the polarity reversal principle (broken support becomes a resistance).

AUDNZD H4
AUDNZD H4

Goals for the downward movement

Next supply targets are in the following order: 1.0500, 1.0440, 1.0390, 1.0330. The last of the levels is probably main goal of current downward movement. At 1.0330, we expect a strong demand response, including reversal of current downward trend.

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AUDNZD D1
AUDNZD D1

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