AUD/NZD charts head-and-shoulders pattern on the daily chart. Daily chart indicators favor a drop to the neckline support. AUD/NZD is reporting marginal gains at press time amid signs of bearish exhaustion on the 4-hour chart. The daily chart, however, remains biased in favor of the bears. The pair is currently trading at 1.0623, up 0.10% on the day. The consecutive Doji candles on the 4-hour chart suggest a temporary weakening of bearish pressures. As such, a stronger bounce cannot be ruled out. However, with the 14-day relative strength index hovering in bearish territory below 50 and the 5- and 10-day simple moving averages trending south, the upside looks limited and could end up recharging engines for a drop toward support at 1.0586. That level is housing the neckline support of the head-and-shoulders (H&S) pattern seen on the daily chart. A daily close under 1.0586 would confirm the H&S breakdown and open the doors to 1.03 (target as per the measured move method). Meanwhile, a close above Friday’s high of 1.0670 is needed to invalidate the immediate bearish outlook. Daily chart Trend: Bearish Pivot points FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD Price Analysis: Inverse Head-And-Shoulders underway on 4-hour chart FX Street 3 years AUD/NZD charts head-and-shoulders pattern on the daily chart. Daily chart indicators favor a drop to the neckline support. AUD/NZD is reporting marginal gains at press time amid signs of bearish exhaustion on the 4-hour chart. The daily chart, however, remains biased in favor of the bears. The pair is currently trading at 1.0623, up 0.10% on the day. The consecutive Doji candles on the 4-hour chart suggest a temporary weakening of bearish pressures. As such, a stronger bounce cannot be ruled out. However, with the 14-day relative strength index hovering in bearish territory below 50 and the 5- and 10-day… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
