AUD/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early February, the Australian Dollar has been depreciating against the currency of the neighbouring country, the kiwi. In the first days of March, the pair followed a pronounced bearish trend and started to shape a channel down pattern.
Currently, the pair is trading at the upper limit of the corridor and may try to breach it in the hours to come. However, the 50-hour SMA sitting just above the pattern's resistance is likely to turn the breakout into a challenging endeavour for AUD/NZD. Nevertheless, traders are optimistic as suggested by the SWFX data; more than 77% of all orders are placed to buy the pair.
© Dukascopy Bank SA
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