AUD/NZD THREATENING THE DOWNTREND

AUDNZD

The rate has finally climbed up to test the massive inverse head and shoulders pattern neckline at 1.0770.

At the moment I expect bears to push the price lower to confirm the neckline resistance, however, I will be looking for an upside break and daily close above to enter a smaller long position and wait for a retest if the old resistance becomes the new support to scale in a full position

Only a break below 1.0600 would invalidate my immediate bullish bias on the pair.