#AUDNZD @ 1.05570 is on the front side of a determined bearish cycle.
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- AUD/NZD is on the front side of a determined bearish cycle.
- The M-formations on the daily and 4-hour time frames are compelling.
AUD/NZD has continued to consolidate in what has been a bearish cycle over the course of the autumn and winter months. While on the front side of the dynamic trendline resistance, the price is destined for a downside continuation:
The M-formation is being created below the trendline resistance. A correction into the neckline would be expected to be followed by supply:
We have the same scenario on the 4-hour chart. The M-formation and move into the Fibonacci scales and neckline of the pattern could lead to supply and be the makings of the downside continuation.
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