The 4-hour chart of AUD/NZD shows a strong bullish breakout from a prolonged consolidation phase, followed by a healthy retest of the breakout level, suggesting the pair is gearing up for further upside.
Key Observations:
Consolidation Breakout: After spending several weeks in a tight consolidation range between 1.0760–1.0800, the price has convincingly broken above the range resistance near 1.0810.
Key Level Retest: The breakout zone (previous resistance) is now acting as new support, confirmed by multiple rejections (highlighted area).
Bullish Momentum: Structure is forming higher highs and higher lows, indicating continuation of upward trend.
Upside Target: With the breakout holding, the next logical target lies near the resistance zone around 1.0910, which served as a previous swing high.
Conclusion:
AUD/NZD is showing bullish strength after breaking out of consolidation and holding above the retested key level. As long as 1.0800–1.0810 support holds, the pair remains poised for a bullish continuation toward the 1.0900–1.0920 resistance zone. A break below this level would invalidate the setup and bring price back into the previous range.
Key Observations:
Consolidation Breakout: After spending several weeks in a tight consolidation range between 1.0760–1.0800, the price has convincingly broken above the range resistance near 1.0810.
Key Level Retest: The breakout zone (previous resistance) is now acting as new support, confirmed by multiple rejections (highlighted area).
Bullish Momentum: Structure is forming higher highs and higher lows, indicating continuation of upward trend.
Upside Target: With the breakout holding, the next logical target lies near the resistance zone around 1.0910, which served as a previous swing high.
Conclusion:
AUD/NZD is showing bullish strength after breaking out of consolidation and holding above the retested key level. As long as 1.0800–1.0810 support holds, the pair remains poised for a bullish continuation toward the 1.0900–1.0920 resistance zone. A break below this level would invalidate the setup and bring price back into the previous range.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.