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.
