AUD/NZD has been trading down in November from its high on the year near 1.13. When we look at the daily chart, we can see that price action since August has been choppy but sideways. AUD/NZD Daily Chart 11/26|(click to enlarge) In the past week, price has been testing the multi-month support around 1.0920. For a week or so, price action consolidated above the key support. However, the market pushed AUD/NZD lower today, breaking below the support, the 1.09 psychological level, and the 200-day SMA. Furthermore, the RSI has dipped below 30, showing bearish momentum, though it also indicates some oversold condition in the near-term. Since, the market might be a bit oversold in the short-term, we might expect a pullback. Where can we expect sellers on a pullback? AUD/NZD 4H Chart 11/26(click to enlarge)The 4H chart shows that the market is in a bearish channel. If we get a pullback, the 1.0920-1.0950 area should be a key resistance area, reinforced by the channel resistance. If the 4H RSI also comes back to the 50-60 area and stalls then retreats, we should look for a bearish continuation swing. The bearish target for the current downtrend that started early November would be the 1.0620-1.0630 support area and lows in July. A break above 1.0950 might open up further bullish correction, but we should probably remain bearish on AUD/NZD unless it breaks the 1.11 handle.