AUD/NZD Consolidating within Consolidation

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AUD/NZD Consolidating within Consolidation

AUD/NZD is a pair that has been consolidating in the short-term as well as the medium-term. Let’s take a look at the technical picture and be prepared for the breakout and directional clues.

The AUD/NZD is slightly bearish in the 1H chart based on prevailing end-of-October price action, the moving averages, the 1H RSI and the consolidation structure since last week. The range is between 1.1090 and 1.1175. A break below 1.090 opens up 1.10, but it might not get there as the daily chart shows that there is a support around that area. With the prevailing trend bullish-though choppy in the past few months, AUD/NZD might find support above that 1.10 area. A break above 1.1175 would be in-line with the prevailing trend and thus put pressure on the 1.13 highs with risk of breaking higher.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.