AUD/NZD Price Analysis: Bulls await confirmations on lower time frames
|- AUD/NZD holds above key support with a bias to the upside.
- The Fibonacci retracement on daily bullish impulse significant to expect fresh bullish impulse.
The following is a top-down analysis that offers a bullish bias from the monthly down to the daily chart.
The 4-hour chart needs to offer a more bullish environment prior to there being enough conviction, at this stage, for a high probability bullish set-up.
Monthly chart
The monthly chart shows the price has been supported at an old resistance and is now expected to continue higher.
Weekly chart
Moving down to the weekly chart, there is support within the support and compliments the bullish bias on the monthly chart.
Daily chart
On the daily chart, we can see that the price has made a significant 50% correction.
The support has held with a confluence of a counter trendline which has also acted as support on the latest downside rejection.
4-hour chart
The price remains below the 21-moving average and bulls may wish to see it attempt a break higher before getting on board.
A break higher would usually be followed by a restest of what was the old resistance turning into new support.
On the retest, bulls would enjoy a discount and support structure from where a stop loss can be placed below it, protecting the position for a higher probability bullish setup.
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