AUDNZD Approaching Multimonth Support Level – What’s Next?

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Quite an interesting situation on AUDNZD. During the previous trading week, we saw a very rapid fall of the currency pair from the upper yellow bound to the lower wall of the yellow channel. Moreover, the bearish trend was formed within the green channel.

It is likely that in the near future the market will reach the intersection point of the green and yellow walls near the 1.036 area. What happens next will depend on whether the bears break through this support level.

If the level of 1.036 is broken below, the decline will continue to the red bound, which is an important support line. The target for bears, in this case, will be the level of 1.026.

However, if we see a rebound from 1.036, and then the bulls start to push the price up, we can expect a rise to the upper bound of the green channel and the resistance level of 1.059.

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