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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