AUD/NZD Price Analysis: Bulls step up at critical support

AUD/NZD is in the hands of the bears, but a correction is on the cards.
The daily chart opens risk of a significant correction to test old resistance.

Ross J Burland FXStreet

As per the prior analysis, AUD/NZD Price Analysis: Bears seeking a discount from bearish structure for break of support, Scenario 2, bearish) played out as follows...

Prior analysis

''The price that has tested the prior spike lows in a 23.6% Fino retracement just melts from here:''

Live markets

The price melted to the downside without a second thought but has since met a prior support level and has started to consolidate.

There are prospects of a significant correction at this juncture.

Monthly chart

The downside remains favoured considering the break of prior support that would now be expected to act as resistance.

Weekly chart

As for the weekly, the focus is also on the downside eyeing a break below the current new resistance.

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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