AUD/NZD Price Analysis: Bulls looking for a significant correction

AUD/NZD bulls remain in play so long as they can get over the line.
The M-formation is a bullish chart pattern that would be expected to see a retest of old support.

Ross J Burland FXStreet

Further to the prior analysis, AUD/NZD Price Analysis: Bulls eye a 50% reversion confluence of old support, instead of an immediate correction, the price continued to deteriorate.

However, this offers a discount to the bulls in anticipation of a significant retracement.

Prior analysis, daily

Live market, daily chart

Hourly chart

The market on the hourly chart is establishing support here and a break of resistance would be expected to equate to a significant correction to the formation's neckline.

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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