AUD/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie has been targeting the 1.13 level for most of the second part of this year; however, unsuccessfully. A failure at that level has sent the pair lower and it has formed a bearish channel.
The current channel down pattern could be a part of a longer–term triple bottom pattern. Nevertheless, at the moment the pair is approaching a cluster of support levels (daily, weekly and monthly S2) located at 1.0886/68. With the negative technical indicators this level most likely will be breached, while in longer term a rebound and a bullish break-out could be expected. Moreover, the SWFX market participants are strongly bullish on the pair.
© Dukascopy Bank SA
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