In the AUDNZD pair, today the trading range was broken according to the Envelopes indicator on the four-hour timeframe and the price settled below the level of 1.0924. The current price of the AUDNZD pair is 1.0904. Now, on the hourly timeframe, the pair has room for further price decline towards the support at 1.0867, which is the bottom of the hourly trading range. However, it doesn't make sense to chase the continuation of the decline anymore, as there are only 40 points south left before a reversal to the north. I am waiting for the AUDNZD pair to bounce off the support at 1.0867 and return back above the resistance at 1.0924, which will overall signal buying opportunities for the AUDNZD pair on both the hourly and four-hour timeframes according to the Envelopes indicator.
