AUD/NZD price action analysis

The AUD/NZD has broken down, followed by a retracement back to previous levels. We see this price action as a possible XABCD bearish zigzag formation, which coincides nicely with the support&resistance area at 1.08200 as well as the 50% fib. Given these considerations, our bias on the pair is currently to the downside. That being said, the pair did post some significant bullish candles, therefore, we're willing to change our minds, and as such, a break of the recent shooting star highs, would make us bullish again, aiming towards the supply zone at 1.08700-01.08760.