AUD/NZD Technical Analysis

• AUD/NZD is in a strong downtrend
• We should see a bearish breakout
• The AUD is weak
• M L5 is the breakout target

1. The swing number one
2. Highest High
3. Lower swing high
4. Breakout level
5. Target

The price is bearish. The latest RBA report was bearish. However, traders used momentum from bearish RBA to sell higher again. Breakout lower is expected. If the price manages to stay below 1.0416 and the daily candlestick makes a close below that level, we should expect the price to continue further down with bearish momentum. Targets will be 1.0384 followed by 1.0357 and 1.0260. The last target is the camarilla monthly L5 pivot. Selling the rallies is the way to go.

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Cheers and safe trading,

Nenad