Westpac Forecasts for AUD/NZD: ranging on the bearish/bullish reversal

This pair was reversed from the primary bullish to the primary bearish market condition in October this year: price crossed 100 period SMA and 200 period SMA from above to to below and it was stopped by 1.05 support level. if this level will be broken by the price so we may see the bearish trend to be continuing.

According to the forecast made by Westpac Banking Corporation, this 1.05 support level will not be broken - we may see the secondary ranging for this year and some rally to be started in the next year with 1.09 'reversal' target located on the border between the primary bearish and the primary bullish on the chart.