- AUD/NZD is lining up for a significant run to the downside.
- The countertrend line is, so far, holding a restest.
AUD/NZD is on the verge of a bearish spell below the weekly counter-trendline resistance.
The following illustrates the bearish bias across the weekly, daily and 4-hour time frames.
Weekly chart
The restest of the resistance zone is what to watch for the sessions ahead.
Daily chart
The bulls are pressing into the M-formations neckline which would be expected to resist and lead to a sell-off.
4-hour chart
Bears need to get below the support structure and 10 EMA on the 4-hour chart.
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