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- AUD/NZD Price Analysis: Bears seeking downside continuaiton towards 1.0280
AUD/NZD Price Analysis: Bears seeking downside continuaiton towards 1.0280
- AUD/NZD is being held up by a layer of 4-hour support.
- Bears are seeking a break of structure for a downside continuation towards 1.0280.
AUD/NZD bears are in charge from both a fundamental and technical standpoint and the following shows the prospects of a downside continuaiton for the coming days ahead.
AUD/NZD daily chart
The price is meeting a daily resistance that would be expected to lead to a downside continuation into the September lows and prior demand area. This is located between 1.0300 and 1.0280.
AUD/NZD 4-hour cart
From a 4-hour perspective, however, the bears would be prudent to wait for a break of the support structure as follows and before committing to a less probable set-up:
As illustrated, the price is being held up by both the horizontal and dynamic trend-line support. However, a break of this area and a subsequent retest of the level would likely lead to a downside continuation to the daily target area mentioned above.
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