- 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.
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.
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