AUDNZD Daily Wedge Since 2014!

AUDNZD has been moving within a wedge since the end of 2014 and has most recently reversed off the upper TL at 1.17. Price is currently approaching support at 1.086 - pay attention to this area. If the support holds, expect a move higher within the 4H bullish channel to around 1.11 - see also the H&S in play where we are possibly about to form the right shoulder. If support breaks, however, and the bearish momentum (seen since the daily TL was hit at 1.17) continues, expect a move lower to 1.066 where we could then be about to form the right shoulder of a H&S setup with a neckline at 1.06645. With a new PM, low wage growth, and uncertainty about consumer confidence, AUD may be showing signs of weakness driving AUDNZD lower at the support.