AUD/NZD Has Reached 1.0860 Again

AUD/NZD reached the support around 1.0850 – 1.0860 yet again – the pair has been testing that support since the middle of December last year and it has also been forming a wide sideways consolidation above it. Now the question is whether the pair will be able to finally break out below it or it will bounce off from it once again to continue the aforementioned consolidation. Such a breakout is not likely to occur before tomorrow when there will be major fundamentals. Either way, if AUD/NZD does break out below 1.0850 – 1.0860 its next target will likely be around 1.0800 and below that level. If it bounces off from the support again the pair will probably rally back to the resistance at 1.1060.