Successful path of our analysis continues. In this piece, I will update You about the situation on the AUDNZD, which we previously mentioned on the 19th of October. Back in that day, we saw a great chance for a bigger drop. Technical situation was extremely bearish, so the setup looked pretty strong:
“We are under the influence of the shooting star candle from yesterday. Our outlook on this instrument is negative and we see this pair much lower in the nearest future. „
Oh yes! Another one in the basket!. After those words above were written, the price went lower. At the very end of the October, the price took some time to test the neckline again (black) but the outcome was bearish again. That was it, double test of the neckline sorted out the sentiment on this pair – it is negative!. Great employment data from New Zealand helped here but you can see that the ground for that was already made by the technical situation. November brings us new mid-term lows. Chances for a further drop are significant!