AUD/NZD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar is in an ascending channel pattern against the New Zealand Dollar, as the pair is in the process to confirm the pattern's support line for the third time. At the moment, the currency exchange rate is at 1.0696, which is just next to the lower trend line at 1.0700. The Aussie is most likely to continue to appreciate against the Kiwi, as on its way to the upper trend line, there are located only two resistances. First is the weekly R1 at 1.0786, and secondly at 1.0863 lies the monthly R2. A movement lower is most unlikely, as the pair is supported first of all by the monthly R1 at 1.0656, and afterwards there is a cluster of support made up by total five support lines, as the 55, 100 and 200- period SMAs and weekly and monthly PPs.
© Dukascopy Bank SA
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