AUD/NZD 1D Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 1D 1W 1M
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The Australian Dollar is gradually losing value against the New Zealand Dollar in a long-term descending triangle that started to form in January. However, the final confirmation of its existence happened only in the end of June, when the currency exchange pair created a second reaction low at the 1.0374 level, which represents pattern's lower support line. Currently, the pair is continuing to climb upstairs towards the combined resistance level set up by the triangle's upper trend-line and 50% Fibonacci retracement level of the 2016 high and low levels at 1.0779. Over the last two weeks the 200-hour SMA located at the 1.0616 level proved to be a strong support barrier. For this reason, it is unlikely that the pair might slip below that level before reaching the set target.

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