AUD/NZD Price Analysis: Bulls drift into resistance, eyes on the downside
- AUD/NZD bears are seeking a break of 4-hour support.
- AUD/NZD running into daily resistance at a snail's pace.
As per the daily chart below, the price is drifting to the upside in comparison to the firmer two day's of bearish closes within the latest bearish impulse from the late October sell-off. While the current trajectory is to the upside, the pace for which it is recovering is unimpressive, so far and could attract a fade on rallies at this rate.
AUD/NZD daily chart
This leads to the conclusion that, should this current level of resistance hold, then the 1.03 figure is going to be left vulnerable. If, on the other hand, the resistance breaks, then the price would be expected to reach into the late 1.04 area and possibly break into the 1.05 territories in the forthcoming days.
AUD/NZD 4-hour chart
The 4-hour chart is climbing the dynamic support trendline, which would need to give way, for the downside to open up in the coming days.
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.
