We are currently trading within a 110 pip range seeing 4 bounces off our monthly key level of support at 1.0864.
On the upside we have seen 2 rejections of our monthly key level of resistance at 1.0977.
Since the last rejection we have now formed a lower high coupled with a potential bearish trend that me say see confirmed in this upcoming week.
I anticipate another retest of our key level of support at 1.0864, if we hold and fail to break here then I imagine a small bullish period to confirm/deny a potential bearish trend line formation.
If our key level of support at 1.0863 fails to hold then I anticipate the bears to take over control and set sights on potential targets of 1.07700.
I would generally agree... BUT... there are fundamentals coming this week and the predictions are in favor of the Aussie and against the Kiwi and I don't see that they are priced in yet. I will be awake when they come on Wednesday - AUDNZD likes to jump when fundamentals come.