AUD/NZD 1D Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar has been in decline for the past three years. However, right now we would rather focus on the last 150 days, as during them the currency pair has been trading between two parallel down-trends.
At the moment the exchange rate is fluctuating just below the upper boundary of the channel, meaning there are significant down-side risks. Additionally, most of the daily and weekly technical indicators are giving ‘sell' signals. Accordingly, AUD/NZD is likely to move away from the resistance at 1.0745 and head towards 1.0223, where we may expect a start of the bullish correction.

© Dukascopy Bank SA
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