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- AUD/NZD Price Analysis: Bulls eye a break of 1.0720
AUD/NZD Price Analysis: Bulls eye a break of 1.0720
- AUD/NZD bulls will be keen to see an eventual break of 1.0720.
- There will be prospects towards the highs this year near 1.08 the figure.
As per the prior analysis, AUD/NZD Price Analysis: Bulls testing a critical area of daily resistance, AUD/NZD has reached the downside target area but has since rallied in a firm rejection of the area. This leads to the prospects of a contained price for the foreseeable future with prospects of a firmer test of the 1.0720s for the days ahead.
Prior analysis, AUD/NZD daily chart
The price had left an M-formation on the daily chart and the neckline aligned with the recent highs of the correction. A move down to retest support towards 1.0620 has been expected for the coming days.
AUD/NZD live market
As illustrated, the price met the downside target area and is now moving back into the familiar ranges towards 1.07 the figure. It would be expected to be contained around here which could lead to some sideways consolidation for the remainder of the week and into next week also. However, the bulls will be keen to see an eventual break of 1.0720 for prospects towards the highs this year near 1.08 the figure.
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