AUD/NZD Price Analysis: Bulls and bears in battle on backside of trend
|- AUD/NZD bears are in control on the front side of the micro trend.
- Bulls are trying to break the longer-term trendline.
AUD/NZD is attempting to break the trendline resistance but might find resistance below 1.0750 and support might be calling in 1.0700 in the near term as the following illustrates.
AUD/NZD daily chart
AUD/NZD is on the back side of the prior trendline resistance and an M-formation is forming which is a reversion pattern:
AUD/NZD H4 chart
The M-formation´s neckline aligns near a 38.2% Fibonacci level.
AUD/NZD H1 chart
AUD/NZD bulls need to show up and get the price on the back side of the bearish trend on the hourly chart form above 1.0700 support area.
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