AUD/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar started to lose ground against the currency of neighbouring country after it approached a two-month high of 1.0915 late April. The decline was developing inside a bearish corridor, the upper trend-line of which has been recently penetrated. The breakout was a part of a sharp rise underpinned by a jump above the 200-bar SMA at 1.0786.
Now is a right time to trade AUD/NZD as the pair is very likely to prolong its winning streak before long given a strong bullish sentiment on the SWFX-almost 72% of all orders are placed to buy the pair.
© Dukascopy Bank SA
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