Since the AUDNZD fell through the 1.1178 support level, price had been trading in a horizontal range 1.1125 and 1.1178. Price could continue to trade between the price levels for now.
Look for price to break the support level of 1.1125 to enter into the new range of 1.1081 and 1.1125.
However, for the AUDNZD to drop lower, the AUDUSD would have to weaken further and/or the NZDUSD strengthen significantly. And in comparing the previous analysis, the AUDNZD trading lower would most likely depend on the AUDUSD to break below the key support level to trade lower.
Look for price to break the support level of 1.1125 to enter into the new range of 1.1081 and 1.1125.
However, for the AUDNZD to drop lower, the AUDUSD would have to weaken further and/or the NZDUSD strengthen significantly. And in comparing the previous analysis, the AUDNZD trading lower would most likely depend on the AUDUSD to break below the key support level to trade lower.
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