AUDNZD: Consolidation & Complete Indecision ๐Ÿ‡ฆ๐Ÿ‡บ๐Ÿ‡ณ๐Ÿ‡ฟ

์Šค๋ƒ…์ƒท

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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