AUDNZD with a chance for depreciation

Looking on H4 chart, we will note that AUDNZD since the end of May moved in a consolidation, from which it broke out through the higher band. After a short-term correction, there was re-test of the upper limit of the box, where strong bearish response happened exactly a week ago.

Since then we have seen almost continuous growth which pushed AUDNZD to 1.0808, where strong bearish reaction happened. Considering that during the entire last growth movement there has not been any deeper correction we can expect its permanent rejection. In short term, therefore, it is worth considering short position on this instrument.