AUD/NZD 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The AUD/NZD currency cross has been on a up-trend since 15th of August, in this time period a Broadening Rising Wedge pattern formed. The minor high (previous high) was at 1.1189; however, at the moment the pair is moving closer to the up-trend's support line at 1.1133. The daily technical studies are suggesting that a appreciation is expected in the longer term. Meanwhile, the SWFX traders sentiment towards the pair is bullish, with 66.63% expecting the Aussie to climb against the Kiwi. Taken all into account, we expect the current trend to continue, with the medium term target set around 1.1200.
© Dukascopy Bank SA
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