AUD/NZD Price Analysis: Bears testing the bullish commitments
|- AUD/NZD bulls are in control from daily support.
- The 4-hour chart is yet to offer a bullish technical environment.
The bulls are meeting a strong resistance zone on the longer-term charts, although the daily support could give way to an upside extension yet.
The following is a top-down analysis that illustrates the converging bullish bias on the lower time frames in contrast to the monthly chart.
Monthly chart
The bulls have met their match at critical resistance and this leaves a downside bias on the monthly chart.
Weekly chart
However, there has been a strong series of bullish candles which rally has stalled.
The downside momentum has met support and an upside extension could be in play.
Daily chart
An upside correction would be expected from this juncture.
4-hour chart
The price is yet to break into the bullish territory and ideally needs to overcome the eclipsed structure candle in 1.0720.
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