Comes off a bit...
The AUDNZD reached a key ceiling area defined by a number of swing highs going back to May 2016. There has been 6 separate times when the price has entered the 1.0755-1.0775 area and backed off. Today is the 7th time. The high price today stalled at 1.07645.
The 1.07807 is also just above those swing highs. That key retracement level increases the areas importance technically.
Drilling down to the five minute chart, the pair has seen two sseparate highs at the1.07645 area. The corrective lows have been able to stall near the 200 bar MA on the 5- minute chart (green line in the chart below). We are currently testing that moving average. A move below that MA line should solicit more sellers from disappointed buyers looking for the break of the ceiling area.
