AUD/NZD Price Analysis: Bulls testing a critical area of daily resistance

• AUD/NZD is running into a wall of resistance n the daily chart.
• Bears could be about to engage for a move down to retest support towards 1.0620 in the coming days. 

AUD/NZD has been recovering from a strong daily bearish impulse and is moving in on the 50% mean reversion mark. However, should resistance hold up, then a downside extension of the bearish impulse would be expected to play out. 

AUD/NZD daily chart

The price has left an M-formation on the daily chart and the neckline aligns with the recent highs of the correction. While there are chances that the price can continue correcting for a fuller retest of the resistance, a bearish close could signify the end of the correction, leading to a move down to retest support towards 1.0620 in the coming days.