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AUD/NZD at the Crossroad Between a Price Top and Rising Support

AUD/NZD recently completed a price top but is respecting a rising support. 

AUD/NZD 4H Chart

(click to enlarge)

Crossroad:
- The 4H chart shows that price action has been bullish since July, but stalled in September. 
- Then price fell and completed a price top, but AUD/NZD is still holding above a rising channel support.
- Then, on the way up from this rising support, the market respected the price top.
- This price action represents indecision. 
Breakout:
- However, if price breaks below 1.0995, AUD/NZD might open up a bearish outlook. 
- I would first limit the bearish outlook to 1.08-1.0820. 
- A break above 1.1107 opens up a critical resistance area that starts around 1.12, all the way up to 1.1440. But if price can make it to 1.1430 it would probably break out of the long-term range.
- However we should anticipate resistance below that, possibly around 1.13. 

AUD/NZD Weekly Chart

(click to enlarge)


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