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AUD/NZD Fails Breakout and Retreats

The AUD/NZD has been in a choppy consolidation since rallying to a high on the year of 1.1428 made in early June. The 4H chart shows that this consolidation seems to have made a key support at 1.0880. In late July through most of August, price has been looking bullish. However, after a couple of attempts in the past couple of weeks, the AUD/NZD is again retreating towards a key support pivot of 1.1089. 

AUD/NZD 4H Chart 8/18
(click to enlarge)

The 4H chart shows the failed bullish attempts resulting in a rapid retreat today (8/18). A break below 1.1085 should open up 1.10, ten the 1.0880 low. If price can climb back above 1.12 however, let's give it another chance to develop the bullish breakout scenario.