With a closing break below a year-old descending trend-line support, the AUDNZD indicates a quick test to its 1.0300 immediate support, breaking which 1.0265 and the 1.0220 are likely downside numbers that it could avail. Given the pair drops below 1.0220, the 1.0140 might act as intermediate support during its plunge to 2015 lows of 1.0020 and then to 1.0000 psychological magnet. Meanwhile, pair's pullback moves from the present level around 1.0330 needs to confront with 1.0395 trend-line mark and the 1.0400 round figure in order to aim for 1.0460 and the 1.0500 resistance levels. Further, the pair's successful trading above 1.0500 enables it to challenge the 61.8% Fibonacci Retracement of its April – May 2015 rally, near 1.0555-60, which if broken give rise to expectations of its extend north-run towards 50-day SMA level of 1.0610-15.
Following its bounce from 71.15-25 horizontal support, the NZDJPY managed to portray a short-term ascending trend-channel which helped the pair overcome two-week old downward slanting trend-line resistance. At present, failure to clear the 73.10 mark can pull the pair a bit back towards channel support of 72.65, breaking which it can quickly drop to 72.25-30 support-zone, comprising resistance-turned-support trend-line and 38.2% Fibonacci Retracement of its Brexit-day plunge. If the pair maintains its southward trajectory below 72.25, it can further decline to 71.50-55 prior to revisiting the 71.15-25 line support area. On the upside, a clear break above 73.10 can print 73.30 on the chart, including 50% Fibo, surpassing which 73.65 and the channel resistance of 73.85 might confine its further north-run. Should the pair rises above 73.85, the 74.00 and the 74.25 can act as small barrier before it could rally to 74.70 upside number.
strength of the JPY, coupled with the pair's downside momentum might trigger its decline to 74.50-55 horizontal support re-test if it breaks the formation lower-line of 75.00. Given the pair further decline below 74.50, the 74.15 and the 74.00 may offer timid supports to the pair ahead of pulling it back to Brexit-day lows of 72.40. Alternatively, 75.75 and the 38.2% Fibonacci Retracement of referendum result-day, near 75.90, can keep restricting the pair's nearby upside, breaking which 76.30 and the 50% Fibo level of 77.00 are likely resistances that it needs to confront. If the pair successfully trades above 77.00, the 77.40, 77.70 and the 78.15-20 are likely upside numbers that could be seen on the chart.
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