Bearish On AUDNZD

Looking at AUDNZD, we have broken a year long trend line with a heavy bearish movement from 1.13000. I would be expecting a retest of 1.0760/70 with a view to move off of the point of control and test the lower volume down at 1.04000. I shall only be entering this if we get a sustained indication that the bears are in control at around 1.08000.

I don’t have much to say on this fundamentally. AUD is possibly facing downside pressure due to commodities having some further weakness, but for me, I’m focusing on the technicals with this move.

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