AUDNZD: Short term bias remains positive
AUDNZD could be in the process of bottoming, as price is trading sideways for now, breaking an inverted head and shoulders pattern indicating we may see a retest of the main resistance for the sideways range at 1.0914 to 1.0946. However for a bottom to be confirmed a break above 1.0946 is required.
A break back below the neckline of the IHS at 1.0725 will probably signal renewed downside pressure and more downside to 1.0615 next support.
Bottom line: Short term bullish towards 1.0915 as long as above 1.0725. A break below 1.725 flips the short term bias to the downside targeting 1.0615.
A break back below the neckline of the IHS at 1.0725 will probably signal renewed downside pressure and more downside to 1.0615 next support.
Bottom line: Short term bullish towards 1.0915 as long as above 1.0725. A break below 1.725 flips the short term bias to the downside targeting 1.0615.
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