Three reasons why AUDNZD is bearish!
The AUDNZD pair has been able to breach through the horizontal support of a bearish pattern over four-hour interval, which is the first negative sign that may push the pair to the downside.
Having a look at the chart below, we easily can notice that prices have plummeted below 23.6% Fibonacci retracement of the entire upside wave from 1.0365 to 1.0889 and this is the second technical factor that argues us to bear bearish on the AUDNZD pair.
Additionally, technical indicators (Bollinger bands and Vortex) are negative.
In result, we suggest potential downside movements, chiefly targeting 1.0590 as far as 1.0750 holds.