For more than a month, there have been drops on AUDNZD. Last week there was a drop below the significant support at 1.0690. Currently, after two successful retests of this level from the bottom, it has established itself as a new resistance on this pair. Now it seems logical to look for a goal for the expected declines. Where can bears reach?
If you look at the graph a little bit wider, you can state that the price of AUDNZD has been in a downward trend since August, and on the way, it scored a several-week side trend. The supply was able to break the next important barriers – 1.0980, 1.0845 and 1.0680. In order to find another target for declines, however, you need to look at the wider horizon.
On the daily chart, the next support is perfectly located near this year’s lows. 1,0500 – slightly above this level should set your Take Profit short orders. If bulls return to the game, after breaking 1.0690, the next target will be around 1.0845-50.