Failed Breakout in AUD/NZD Signals Bearish Continuation

The New Zealand Dollar has been gaining ground against the Australian Dollar for the past several days, driven by a strong technical setup. The initial trigger was a failed bullish breakout above a yellow horizontal resistance, which is clearly marked with black lines. After this false breakout, the yellow resistance was tested again, providing an ideal entry point for sellers.

Following this retest, a significant bearish wave began, which recently managed to break through a green uptrend line. With all bearish signals aligning, this breakdown has provided a solid sell signal, reinforcing a negative sentiment for the pair. The technical indicators suggest that the bearish trend may continue as the momentum is currently favoring the downside.

Source: https://www.axiory.com/analytics/technical-analysis/failed-breakout-in-aud-nzd-signals-bearish-continu