Will the Downtrend on AUDNZD Continue?

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After a two-time rebound from the upper bound of the yellow channel, we saw a decline in the central zone of this channel. Now the price movement can also be described by a descending green channel. Given that the market is well below the moving average, the downtrend may continue in the coming trading days.

In this case, the support level of 1.037 will be reached, which is at the intersection of the lower green and yellow bounds of the channels.

However, if the bulls gain strength and manage to push the price up above the resistance level of 1.065, which is on the red line of the moving average, they may open the way to the upper green bound and resistance of 1.076.

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