© Dukascopy Bank SA
Although the pair now is on its way towards the neck-line at 1.0769 since the instrument has already commenced a retreat from the second peak, market players do not expect AUD/NZD to drop-more than 86% of all orders on the SWFX are long. If the traders' view comes true, the pair is likely to bounce off the 50-bar SMA at 1.0846; however, the rally is not likely to be long-lasting given a heavy selling pressure pertaining to the current phase of the pattern.
© Dukascopy Bank SA