AUD/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie has been steadily losing ground versus the Kiwi for almost a year, and at the moment of writing the AUD/NZD pair was just 85 pips from the vital support level at 1.0492. Despite pair's steep rally, technical indicators are still pointing at pair's further depreciation. The main reason for such a movement is strong fundamental data from New Zealand, and with rate hikes from the RBNZ the currency is projected to appreciate. Nevertheless, traders are selling the Kiwi in 73% of the time, while market sentiment for AUD/NZD is bullish 71%. The outlook is unclear, however, key levels for long and short traders are located at 1.0636 and 1.0520 respectively.
© Dukascopy Bank SA
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