Overview:-From past couple of weeks we are witnessing that bears are leading in the pair and taking it to northside. Presently AUDNZD is trading at 1.0775 level and it is trading and sustaining below all the major and minor moving average lines.
Technical Analysis :-From technical prospective we can see that a downtrend line is lying which is providing us bearish signal and the way bears are reacting it seems like they are heading to south side and further downfall is still on the cards. The 1.0715 is the next arrival for the bears and below this level we may see further downfall.
On 4 hourly chart we can see that pair is trading and heading to south side and a bearish marabuzo candlestick in the form of engulfing candlestick is providing us bearish signal and the way bears are reacting it seems like the bears will take the charge on continuous basis.
We will keep our view bearish and sell on rise is advised. Well the present picture depicts that the bears are driving the car and they are heading for a long drive so traders and investors are advised to sit in the car and have a sell position. Odds are in favor of bears and intraday to weekly bias remains bearish on the pair as long as 1.0850 level remains intact on closing basis. The parabolic SAR red dots are favoring the bears and a bearish crossover on MACD indicator is also favoring the bears. RSI has arriving into oversold so some correction is also expected.
What Next:-The 1.0720 is immediate support level followed by 1.0650 level whereas 1.0840 level is immediate resistance level followed by 1.0900.
Trade idea:- Based on chart and studies above we would suggest to our traders and investors that sell AUDNZD at 1.0780 level target is 1.0720 and 1.0650 level with the tight stop loss of 1.0850 level on closing basis.
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