AUDNZD today broke below the key support level 1.05850 (which has been reversing the price from the start of May, as can be seen from the daily AUDNZD chart below). The breakout of the support level 1.05850 follows the earlier breakout of the 38.2% Fibonacci correction of the previous impulse wave (1). Given the moderately bearish sentiment affecting Australian dollar at the moment – AUDNZD is likely to extend the losses toward the next support 1.05000 (low of the previous correction (iv) from the middle of April and the target for the completion of wave (iii)).