SHORT AUDNZD - lowest since February 7th

Bears on AUDNZD took wind into the sails. Strong declines began on May 22nd and since then price has fallen from 1.0750 to 1.0425. During this period following support levels were broken: 1.0570, 1.0500, 1.0440. The nearest support towards which currently price is heading is 1.0390. This level can provide a temporary correction, but main target for bears is below.

Only 100 pips have been left on AUDNZD to test 2017 lows. Looking at the current strength of the downward movement it seems almost certain that this test will happen. It is possible that supply will also try to break through key support at 1.0330. However, looking at the strength of this level, its easy breaking seems unlikely.