The AUDNZD pair has been trading in a rising channel pattern since 8th August 2019 on intraday chart, forming some new highs. Though, the strong upside move has been restricted by the upper trend line of the channel while the bearish moves has been continuously taking support from the lower trend line. Recently, the prices pulled back from the upper area of the channel and is likely to hit the lower area at 1.0700. The traders can consider it to be the first target.
The Stop loss can be placed at 1.0806.