AUDNZD / short trade setup

Hi there! AUDNZD is showing a strong rejection of the monthly MA 200 while also developing a huge bearish engulfing candlestick. Of course, it's not enough to confirm the trade bearish bias, but the daily has pushed towards the downside and broke past MA 20/50. On the 4-hour, we have a nice push > exhaustion to the previous area of resistance, bearish engulfing closure. If the price manages to break into a new low, we can expect a further drop down. Both currencies are being sold off by the hedge funds.