AUDNZD - Still pressing that 1.22 ceiling
Watching $AUDNZD again today, and it feels like we're just bouncing off that 1.22 level with almost religious fervor. Been stuck in this general range for a bit now, and the market seems determined to test the patience of anyone looking for a clean breakout. We saw a high today around 1.21951, which is just shy of what feels like a psychological barrier at this point. The risk, for me, remains a solid close above 1.22. If we get that, especially on decent volume, then this whole consolidation could finally be over and we could see a push towards 1.23 or higher. Until then, it's a grind, and the bears are probably just licking their chops at any failure to sustain above 1.219-ish. It's almost comical how many times it's tried to breach and failed; you'd think it'd just give up.
It definitely feels like the market is coiling, doesn't it? The question then becomes whether this sustained pressure against 1.22 will eventually lead to a significant break, or if there's enough underlying resistance to send it back down for another leg lower within the range. What's your take on the most likely catalyst for either scenario?