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17 May 2021
AUD/NZD Price Analysis: Bears and bulls battle it out at key support
- AUD/NZD bears take on the bullish commitments at critical support.
- Bulls have their eyes on a meaningful correction target.
AUD/NZD is stalling as the bears thin out on the advance to the critical daily demand area on the charts.
The following illustrates the prospects of an upside correction in the pair.
AUD/NZD daily chart
As illustrated, the daily chart sees the price meeting support and there are prospects of a correction back to test the prior lows.
However, when measured against the Fibonaccis, the lows are only a small 23.6% retracement and considering the amount of demand, there are prospects of a greater correction.
This puts the confluence of the 21-day EMA and the 38.2% Fibo in focus as the next port of call.