The bearish sentiment which began mid-August has guided the AUD/NZD currency pair lower. This downside momentum marks a 3.20% decrease in price during this long period of time.
The exchange rate was trading near the lower boundary of a triangle-like formation at 1.0830 during the morning hours of Wednesday ‘s session. Furthermore, technical sentiment indicates that the Australian Dollar is located in the oversold zone.
Everything being equal, it is likely that the currency exchange rate makes a brief retracement north toward the weekly pivot point at 1.0892 during the following trading sessions.
