As it was mentioned in the previous technical analysis of AUD/NZD dated 2014.06.09, according to the formed technical signs, there was the potential for descending of price which finally happened. Sellers were successful in achieving the lowest price of 1.07435.Currently price with teaching to the up trendline ( made of 2 bottom prices) has been stopped from more descend and with forming of the hammer and inverted hammer candlestick patterns which warn the possibility of formation of a bottom price.
Stoch indicator in daily time frame is in saturation sell area and with the next cycle warns about ascending of price during the next candles and Currently if the resistance level of 1.08548 breaks, there is a warning for ascending of price in this chart. Generally until the bottom price of 1.07435 is preserved, price will have the potential for ascending and reformation.
Technical Analysis of AUD/NZD dated 2014.06.23