AUD/NZD Price Analysis: Bulls seek a break to test 1.1000
|- AUD/NZD bears eye a break of trendline support and then the 1.0720s will be eyed on a break of structure below 1.0800.
- Bulls are trying to fend off the bears above the W-formaiton's neckline.
AUD/NZD has been climbing into shorts throughout the start of the year in a continuation of the mid-December rally from the lows in the 1.0480s. The pair has gained over 4% since then. the following illustrates the prospects of a continuation to test the resistance of 1.0950 for the sessions ahead.
AUD/NZD daily chart
The W-formation is a reversion p[atternsa and the bulls are trying to defend the move into the neckline. Should the bulls succeed at fending off the bears, then the trendline support will remain intact and the prospects will be for a break of the 1.0950 resistance. However, failures here will open the risk of a significant move to the downside as follows:
The 1.0720s will be eyed on a break of structure below 1.0800.
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