AUDNZD recently reversed down from the key resistance level 1.04500 (former strong support level which reversed the price at the start of August). The downward reversal from this resistance level created the daily Japanese candlesticks reversal pattern Bearish Engulfing. Given the strength of the previous extended downward impulse and the strengthening bearish Australian dollar sentiment – AUDNZD is likely to fall further toward the next support level 1.0385 (low of the previous short term correction 2).
