AUD/NZD Price Analysis: Bulls fail to convince on the breakout
- AUD/USD is failing to convince on the upside breakout of accumulation.
- The daily chart warns of a break below 1.0480 in the coming sessions.
AUD/NZD has failed to move higher on the breakout of the hourly accumulation following the prior session's Aussie Consumer Price Index. This gives rise to prospects of a downside continuation from a daily perspective.
AUD/NZD 1HR chart
The price has failed to maintain its breakout course of trajectory but sliding back into the accumulation's old resistance area, as illustrated above. While there are still prospects of a move higher, the daily chart could now be paining a different story.
AUD/NZD daily chart
The price has come in very close to the neckline of the M-formation and has failed to maintain momentum. Should the price remain below the 1.0520 level, there will be higher prospects of a downside continuation once a break of the dynamic trendline support breaks near 1.0480.
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.
