AUD/NZD Price Analysis: Bears lurking below critical support

AUD/NZD bears seeking a re-test of the W-formation's neckline.
The bulls are tiring at familiar resistance and the focus is on a meanwhile correction.

Ross J Burland FXStreet

The cross is stalling on the upside and the following illustrates where the meanwhile bearish opportunity could arise on a break of lower time frame support.

AUD/NZD daily chart

The price action on the daily chart is compelling given the resistance and formation of the W-pattern.

The neckline of the patter would be expected to be targetted on upside failures and the lower time frames can be monitored for bearish structure.

AUD/NZD 15-min chart

The 15-min time frame offers a vantage point to note the current confluence of support for which, if broken, will then offer a higher probability of a downside extension to the daily support target.

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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