AUD/NZD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Australian Dollar is quickly approaching the upper edge of the bearish pattern, which implies the sell-off is likely to resume in the short term. From bullish perspective, the level of difficulty is rising around the upper boundary of the pattern, which is reinforced by the weekly pivot point and daily R1 at 1.1060. In case the pair succeeds in closing above this crucial supply, the next one will be placed as high as 1.1143 (200-hour SMA; daily R2), followed by the weekly R2 at 1.1415. However, four-hour technical indicators are less optimistic with respect to the bullish scenario, as they are mostly mixed at the moment. In addition, bears (53%) have only a slight advantage over bulls (47%).

© Dukascopy Bank SA
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