AUD/NZD Price Analysis: Bears holding their ground, eyes on downside continuation

Bears looking for a retest of resistance to hold.
Eyes on a fresh bearish impulse for the sessions ahead.

Ross J Burland FXStreet

As per the prior analysis, AUD/NZD Price Analysis: Bears lurking below critical support, the market is trading below a key resistance area and the focus is still on the downside as follows:

Weekly chart

The resistance is solid on the weekly outlook so the focus should be on the daily and lower time frames, scanning for bearish structure.

Daily chart, prior analysis

We have now seen the price break prior support as follows, which stands the bears in good stead for the opening sessions this week:

There could be a restest of the old support that would be expected to act now as resistance.

From a 4-hour perspective, the M-formation could be anticipated to pull in a bid to test the neckline resistance and 21-EMA confluence as follows:

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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