AUD/ZAR: Long-Term Bullish Trend with Key Consolidation Levels

23 julKey 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.