AUD/NZD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
A rising wedge pattern started on August 12 and lasted until September 5, when AUD/NZD broke through the pattern's support, as a surge to more than two-month high of 1.1660 on September 4 provoked a sharp decline that took the pair below this support. Nevertheless, traders are bullish on the pair, with 67.74% of them betting on an appreciation of the currency couple. If AUD/NZD falls below the level of 1.1532 (daily S1 and 200-hour SMA), it is likely to belie traders' outlook and drop to the next support region at 1.1498. However, if AUD/NZD regains momentum, it may climb to its 20-hour SMA at 1.1566 that, if overcome, will spur rally to daily pivot at 1.1500.
© Dukascopy Bank SA
© Dukascopy Bank SA
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