AUD/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Due to a tough support level at 1.0650, which AUD/NZD encountered on May 6, the currency pair was able to commence a recovery and subsequently form a bullish channel. Accordingly, the outlook on the Aussie is positive. However, there are substantial downside risks in the near term, being that the price has just touched the upper boundary of the pattern and now it is supposed to start moving towards the rising support line at 1.0837, where the demand should be strengthened by the weekly S1 and 200-period SMA. Meanwhile, the sentiment of the SWFX marketplace towards AUD/NZD is explicitly bullish—72% of open positions are long.
© Dukascopy Bank SA
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