The AUDNZD been experienced a lot of weakness these last few months which is still persisting. After the market has bottomed out at a critical monthly support level the bears are back in play and the market looks like it’s going to test the monthly support again.
Two bearish rejection candles formed with the bearish momentum suggesting that lower prices are very likely. A good profit target level would be the monthly support level. This is such a critical level to watch because it’s been the market ‘bottom’ for many years. Make sure you watch for strong bullish price action signals to develop here as it’s a major turning point in this market.