AUD/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar recently formed an ascending channel against the New Zealand Dollar. The new pattern formed as a result of a breakout from a descending triangle to the upside. The rate is set to continue the surge in accordance with this new ascending channel, until a level of significance stops the appreciation of the Australian Dollar. It is most likely going to be the 38.20% Fibonacci retracement level far above the rate at 1.0659. The pair afterwards will likely bounce off the resistance and form a new long term pattern. However, the Aussie is already overbought against the Kiwi, as 74% of open positions are long. Although, the pair recently reached the channel's upper trend line and is likely to decline for a short period, changing the market sentiment, as the Aussie is sold against the New Zealand Dollar.
© Dukascopy Bank SA
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