AUD/NZD Price Analysis: Bulls need a break of a critical area of H1 resistance
|- AUD/NZD hourly chart bears are lurking near a 78.6% Fibonacci as a potential last defence.
- The price action will likely occur around critical Aussie data today.
Australian labour market data will be key today but the technicals for AUD/NZD are mixed heading into the data. From a daily perspective, there appears to be a bullish bias considering the wick highlighted below and a subsequent follow-through by the bulls into the day's price action above horizontal support:
AUD/NZD daily chart
The 4-hour aligns with the daily chart as follows:
AUD/NZD H4 chart
However, the hourly chart shows the price coiled towards an area of imbalance. In mitigating this area, the price will be testing the 78.6% Fibonacci as a potential last defence that could see the price pull back and fall out of the rising support as illustrated below:
AUD/NZD H1 chart
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