AUD/ZAR: Long-Term Bullish Trend with Key Consolidation LevelsKey Observations:
Support and Resistance Levels:
All-Time Low: Around 5.5000
Highlighted Support Zones:
Around 8.7722 - 9.0948 (Red shaded zone) - This has been tested
Around 11.0000 (Recent support zone marked as HL)
Highlighted Resistance Zones:
Around 12.5000 (Green shaded zone, near HH and All-Time High) - This has been tested
All-Time High and major level at around 12.6800
Ascending Trend Line : Connecting higher lows (HL) from 2018 onwards.
Higher Highs (HH) and Higher Lows (HL):
Higher Highs (HH) : Indicate a bullish trend in the long term, showing that the price is making new highs over time.
Higher Lows (HL) : Indicate continued bullish sentiment as lows are higher than previous lows, supporting the trendline.
Current Price Action:
Current Price: Around 12.1581, showing a slight positive movement (+0.0229 or +0.19%).
Price Consolidation: The price is consolidating between the support level of 11.0000 and the resistance level of 12.5000.
Ascending Trend Line Support: The price is currently supported by the ascending trend line, suggesting that the long-term bullish trend is still intact.
Potential Scenarios:
Bullish Scenario:
If the price breaks above the resistance zone around 12.5000 and sustains above it, it could aim for the next resistance level near the all-time high of 13.0000-13.5000.
Continued higher highs and higher lows would confirm the bullish trend.
Bearish Scenario:
If the price fails to hold the ascending trend line support and breaks below the recent support around 11.0000, it might test lower support levels around 8.5000.
A break below the ascending trend line could signal a reversal or a more extended correction phase.
Sideways Movement:
The price might continue to consolidate between 11.0000 and 12.5000, forming a range-bound movement until a clear breakout direction is established.
