AUD/NZD Price Analysis: Bears seeking downside continuaiton towards 1.0280
|- AUD/NZD is being held up by a layer of 4-hour support.
- Bears are seeking a break of structure for a downside continuation towards 1.0280.
AUD/NZD bears are in charge from both a fundamental and technical standpoint and the following shows the prospects of a downside continuation in the coming days.
AUD/NZD daily chart
The price is meeting a daily resistance that would be expected to lead to a downside continuation into the September lows and prior demand area. This is located between 1.0300 and 1.0280.
AUD/NZD 4-hour cart
From a 4-hour perspective, however, the bears would be prudent to wait for a break of the support structure as follows and before committing to a less probable set-up:
As illustrated, the price is being held up by both the horizontal and dynamic trend-line support. However, a break of this area and a subsequent retest of the level would likely lead to a downside continuation to the daily target area mentioned above.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.