AUD/NZD Price Analysis: Bulls seek a deeper test of supply zone

AUD/NZD bulls stepping up again to test daily resistance.
The resistance is a higher risk scenario that should be taken note of.

Ross J Burland FXStreet

AUD/NZD has tested the upside in a strong impulse overnight and would be expected to move higher following a significant correction on the daily chart.

The following is a top-down analysis that illustrates where the next opportunity could evolve from the 15-min chart.

Daily chart

The price has shot higher into the familiar resistance and has been rejected there in overnight trade.

Looking for longs at this juncture is treacherous, so reducing risk in targeting a break of the resistance should be part of a trader's risk management plan.

1-hour chart

The 1-hour chart, however, in compelling due to the bullish structure from support.

15-min chart

The 15-min chart shows that the price will first need to get above the 21-SMA and confluence of resistance structure.

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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