AUD/NZD Price Analysis: Bears have the upper hand within a trapped environment

• AUD/NZD bears are in play at critical daily resistance.
• Bulls are backing off at this juncture, with familiar support in focus.  

AUD/NZD is trapped between familiar resistance and support in the lower time frames having met daily resistance within a compelling bearish bias.  

The following is a top-down analysis that illustrates how and why the price can deteriorate towards a measured downside daily target.  

Monthly chart  

Weekly chart

As illustrated, the price is meeting old weekly support which is seeing bears in play.

Daily chart

According to the daily price action, the bears will likely remain in play at this juncture.  

4-hour chart

However, bears need to get through a hard support level first. In doing so, the old support is compelling while the price is resisted at the 21-SMA.