AUD/NZD smashed to the downside, and dropped back below the monthly open (1.04682). The move came after price traded into the resistance at the 61.8% Fibonacci retracement level and the resistance trendline.

Where’s Price Going Next?

Price has been attempting to break above the monthly open and turn the monthly candle bullish, but has rejected upside so far. The daily RSI is bearish, also pointing to downside. I need to see yesterdays low broken to confirm further downside, as this is the current swing low.

I have a DOWNSIDE BIAS, looking for 1.0300 as the next support.

What’s The Retail Sentiment Doing?

TradeProofer’s AUD/NZD Sentiment is mixed (left), but Forex Client Sentiment (middle, 75% long) and MYFXbook (right, 71.8% long) both show a heavily bullish retail sentiment on AUD/NZD. Trading against retail sentiment is a popular trading strategy – no surprise when most retail traders lose.