- AUD/NZD bears are in play at critical daily resistance.
- Bulls are backing off at this juncture, with familiar support in focus.
AUD/NZD is trapped between familiar resistance and support in the lower time frames having met daily resistance within a compelling bearish bias.
The following is a top-down analysis that illustrates how and why the price can deteriorate towards a measured downside daily target.
As illustrated, the price is meeting old weekly support which is seeing bears in play.
According to the daily price action, the bears will likely remain in play at this juncture.
However, bears need to get through a hard support level first. In doing so, the old support is compelling while the price is resisted at the 21-SMA.
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