AUDNZD reached a year's low in August.
Since then the market is trading in a consolidation.
1.041 - 1.055 is our current trading range.
Depending on the reaction of the market to that I see two potential scenarios:
- Because the global trend is bearish,
bearish breakout of the range is a highly probable scenario.
Daily candle close below the underlined yellow support will be a strong trigger
for bearish continuation.
Next support will be 1.03
- In case of some changes in a fundamental sentiment,
bullish breakout of the resistance of the range will lead to a further bullish continuation.
Next resistance will be 1.06
Alternatively, consider the boundaries of the range for intraday consolidation trading.
Buying from support and selling from resistance you can catch a bunch of good winners.
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