AUD/NZD Price Analysis: Bulls looking for a significant correction

• AUD/NZD bulls remain in play so long as they can get over the line. 
• The M-formation is a bullish chart pattern that would be expected to see a retest of old support. 

Further to the prior analysis, AUD/NZD Price Analysis: Bulls eye a 50% reversion confluence of old support, instead of an immediate correction, the price continued to deteriorate.

However, this offers a discount to the bulls in anticipation of a significant retracement. 

Prior analysis, daily

Live market, daily chart 

Hourly chart

The market on the hourly chart is establishing support here and a break of resistance would be expected to equate to a significant correction to the formation's neckline.