AUD/NZD Price Analysis: Bears seeking break of daily 61.8% Fibo support
- AUD/NZD is on the verge of a bullish breakout.
- Bulls need to get back above the counter trendline resistance.
- Bears will be monitoring for a pull back from resistance to tests daily supporting confluence area.
The price action in AUD/NZD has seen the pair fake-out below the old dynamic weekly trendline support and subsequently rally back to it.
The following illustrates the bullish bias above the weekly resistant area vs the bearish bias below the current support structure.
AUD/NZD weekly chart
AUD/NZD daily chart
Meanwhile, from a daily perspective, a pul back to the 61.85 Fibo could be in order for the sessions ahead as the price meets resistance and decelerates.
A break of that daily support will be potentially significant and put the weekly support structure under pressure as the last defence for a renewed bearish bias on the weekly and daily charts.
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June 10, 2021 at 05:19PM