AUDNZD Bearish Trend Continuation

21 Eyl 2021

AUDNZD has made a retracement of the bearish trend, respecting the broken support turned resistance level of 1.03675 and the 100SMA. We can see a divergence in the stochastic indicator, that confirms our bearish bias. We expect a bearish move till it reaches the fib extension of 1.618, i.e., 1.0228 level. We also expect RBNZ to likely hike the interest rate cycle, making the fundamentals align with the technical for the lower continuation.