AUD/NZD Bearish Trend Continues with FIBO Reversal Potential

27 apr 2023

Since the 23rd of April, the AUD/NZD has remained entrenched in a formidable Bearish trend, which shows no signs of abating. This trend began when the price reached the key level of 1.09200, from which point it has continued to follow a steadfast downtrend trajectory. However, there is a possibility that the price may experience a temporary rebound and recuperate some of its lost value in the near future. This potential reversal could occur at the 61.8% Fibonacci level, which is a critical support level that has historically triggered price pullbacks.