AUD/NZD Broke Out below 1.0650

AUD/NZD has been consolidating sideways above the support at 1.0650 for the past three weeks, forming a pair of spinning top candlesticks and something resembling a hammer candlestick on the weekly time-frame, but today the pair finally broke out below the aforementioned support level and it will likely continue moving to the downside. If that happens the closest target will likely be around 1.0600 but the pair will likely break out below that level too. If or when that happens AUD/NZD will probably continue falling towards the last low, which is at 1.0400.

Of course, there is also the possibility that the current breakout is false, in which case the pair may bounce off to the upside and rise towards 1.0700.