The AUD/NZD pivoted from a support at 1.0035 at end of April and reached 1.0890 by mid-May.Then, it was trapped in a consolidation range roughly between 1.0850 and 1.07 for the past couple of weeks. At the end of last week, AUD/NZD finally broke below this range support as well as a rising trendline from that 1.0035 pivot.AUD/NZD 4H Chart 5/25(click to enlarge) The breakout is not very clear yet as price hovers above the 100-period SMA. Let’s see if price can hold under 1.0760, or the combination of 50-period SMA a falling trendline from last week. Inability to hold below these resistance factors would signal a false break and revive the prevailing uptrend with pressure towards the 1.0850-1.0890 resistance area. To the downside, the 1.0520-10550 support/resistance pivot area would be a first, conservative target. The 1.0315 support/resistance pivot would be the next, more aggressive bearish outlook from the current breakout signal.