AUD/NZD Price Analysis: Bears could be about to make a significant move

• AUD/NZD bulls could be seen moving in for the day ahead.
• A 61.8% ratio retracement could be on the cards as the last defence for a downside continuation. 

AUD/NZD has been sliding from the higher quarter of the 1.11 area on Thursday. This leaves the focus on the downside for the day ahead while the following analysis illustrates on the hourly chart:

AUD/NZD H1 chart

The price is testing a key support level that if this were to hold, then the focus will be on a restest of the resistance and a 61.8% ratio retracement for the day ahead. If this were to see the bears committing, then a downside continuation to test the sideways range towards 1.1120 will be on the cards for the last sessions of the week. 

AUD/NZD daily chart

The daily chart has seen a move into the 50% mean reverison area which leaves the prospects of a move lower for the week ahead.