A review was made for the AUD/NZD pair, as previously drawn pattern was broken. The pair has been volatile since the last time it was reviewed.
The pair tested the 50.00 % Fibonacci retracement level and dropped back south. The bears continued to grow stronger and a new higher low has been formed. The retracement can be measured by connecting the high level of 1.1292 touched in October with the January low level of 1.0846.
The combination of 55-hour, 100-hour and 200-hour SMAs is providing support near 1.0944 mark. If this support holds, the pair is likely to breach the dominant channel upwards.
