AUD/NZD Price Analysis: Bears and bulls battle it out at key support

AUD/NZD bears take on the bullish commitments at critical support.
Bulls have their eyes on a meaningful correction target.

Ross J Burland FXStreet

AUD/NZD is stalling as the bears thin out on the advance to the critical daily demand area on the charts.

The following illustrates the prospects of an upside correction in the pair.

AUD/NZD daily chart

As illustrated, the daily chart sees the price meeting support and there are prospects of a correction back to test the prior lows.

However, when measured against the Fibonaccis, the lows are only a small 23.6% retracement and considering the amount of demand, there are prospects of a greater correction.

This puts the confluence of the 21-day EMA and the 38.2% Fibo in focus as the next port of call.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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