We observe on AUD/NZD very interesting technical situation and it is seen on different time intervals. On H4 we see an attempt to get out of the consolidation. The growth dynamics gives a chance of a higher upward rebound at least in the direction of the previous high or the upper edge of the downward channel.

The upward bias to the growth scenario may also result from a broader perspective. Looking at the chart D1 you can clearly see that since the beginning of the year, we are dealing with a bullish trend. The bearish channel drawn on H4 may be a typical flag correction. The current reflection takes place in a key place, which is often and perfectly respected on both sides of the support area. From this perspective, this place seems to be ideal for a return to the upward trend.

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