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AUD/NZD Testing an Ascehding Triangle Support

AUD/NZD has been bullish at least since July to September, after which it has been consolidating under the high on the year near 113.

AUD/NZD Daily Chart 11/13

(click to enlarge)

As we can see in the daily chart, price  has been consolidating, and it is in the form of an ascending triangle, with higher lows and a relatively flat high under 1.13, though we did have a brief crack above 1.13 at the end of October.

Note that price is now trading at the 100-day SMA, where it has been bouncing off of the past couple of times, and the pair is testing a rising speedline coming up from September's low.

Now, with price below 1.1115, the AUD/NZD will be pressured to the downside, and a break below the triangle support opens up the 1.0920-1.0925 support area.

However, if AUD/NZD can hold above the current support factors and break above 1.1115, we are looking at a potential bullish continuation, or at least an attempt to test the highs around 1.13 again with potential of breaking higher because of the prevailing trend in 2014.

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