- AUD/NZD is losing ground in a strong bearish channel.
- Bears will seek a downside extension in coming days if the 61.8% ratio holds.
AUD/NZD has been a slow but progressive grind to the downside this year and central bank divergences.
The daily chart shows that the price has recently been trying to correct and the chart below illustrates the downside bias from critical resistance.
AUD/NZD daily chart
The price has corrected the strong bearish impulse of Friday's business and is now looking for a move deeper into the impulse.
The bears will be seeking to protect the 61.8% golden ratio which could set off supply in a fresh round of offers within the longer term and dominant downtrend.
4-hour chart
The 4-hour chart shows the price is below the 21-EMA and resisted at old support near the 50% mean reversion mark:
A break of 103.60 opens the 61.8% ratio and 21-EMA that guards 1.0380 for the day ahead.
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September 13, 2021 at 09:02AM
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AUD/NZD Price Analysis: Bulls attempting to correct to 1.0380 - FXStreet
"correct" - Google News
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