AUDNZD: Consolidation & Complete Indecision 🇦🇺🇳🇿

20 ago 2021

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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