FX:AUDNZD Australian Dollar/New Zealand Dollar
The AUD/NZD has broken down, followed by a retracement back to previous levels. We see this price action as a possible XABCD formation, which coincides nicely with the support&resistance area at 1.08200 as well as the 50% fib. Given these considerations, our bias on the pair is currently to the downside. That being said, the pair did post some significant candles, therefore, we're willing to change our minds, and as such, a break of the recent highs, would make us again, aiming towards the at 1.08700-01.08760.