AUD/NZD 1H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
For a very short moment the Aussie/Kiwi cross fell below the green trend-line of the triangle pattern it is currently trading in. Nevertheless, the bulls managed to revive and now the pair is dealing with the cluster of moving averages around 1.1115. A rally is not estimated, because the SMAs are immediately followed by the pattern upper boundary at 1.1139, which is boosted by the daily R1 and the weekly pivot point. Being that triangles are continuation patterns, the likelihood of an ultimate bearish break out is quite high. AUD/NZD is required to have a successful second testing of the pattern's support in order to confirm it. Then the focus will shift towards the next closest demand at 1.1042/35 (daily/weekly S1).
© Dukascopy Bank SA
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