Bears Took Over on AUD/NZD from 1.0826?

The Australian versus the New Zealand dollar currency pair seems to be in a spot to the bearish liking. Are the bulls taking a pause?

Long-term perspective
The bullish attempt to conquer the 1.0983 level back in August last year resulted in a failure, as the bears started — from the 1.1043 peak — a decline that put the price back under 1.0983.
The bullish attempt to get traction from the next significant support area — the 1.0826 level — was also countered by the bears, for they stopped the bullish advancement just as the price got above the intermediary level of 1.0895 and drew a fall that pierced 1.0826, thus starting the descending trend.
The falling trend stretched until the 1.0418 low, from where the bulls rotated the price, putting an end to the drop.
From the 1.0418 low, they managed to climb until the 1.0842 high, which sits just above the same 1.0826 level that previously failed as support.
Still, unmounted, the bears almost made the history repeat itself, as from 1.0826 a new decline commenced, one that extended for a wealthy amount — stopping at the 1.0551 support.
The rise from 1.0551 continued until the same boundary, 1.0826, respectively.
Nevertheless, as the bulls — once more — made it to 1.0826, it can be considered that they are pretty determined. Furthermore, they revisited the level after a shorter rise — as the decline from 1.0842 was limited by 1.0551.
So, one possibility is to see a fall, followed by a surge that simply progresses. This unfolding would just pass beyond 1.0826, targeting 1.0895 at first. Only if the rise is delayed, then the 1.0707 level may be again attended by the price.

Short-term perspective
From the 1.0540 low, the price entered into an ascending movement, one that conquered with relative ease every resistance level that it came across.
Still, the 1.0820 area proved to be at least not one that can be conquered in the first run.
The bulls sought the supportive role of the 1.0778 intermediary level. But the level ceded, allowing the fall to extend to 1.0741. So, as long as 1.0741 supports them, the bulls can push the price back to 1.0778 in the attempt of conquering 1.0820, which, if they do, leads them to 1.0866.
Only if 1.0741 cedes, then the bears may send the price to 1.0681.

Levels to keep an eye on:

D1: 1.0826 1.0895 1.0707
H4: 1.0778 1.0741 1.0820 1.0866 1.0681

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Original from: www.earnforex.com