AUD/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
While the market has been largely bearish since the end of January, AUD/NZD is currently developing a rally thanks to a solid demand near 1.03. However, in the very near-term the outlook is negative, being that the pair has just confirmed the upper boundary of the bullish channel at 1.0470.
The Aussie is likely to slide beneath the daily pivot point at 1.0430 toward a cluster of supports at 1.0390, where the rising trend-line merges with the 200-hour SMA, weekly pivot point and daily S1 level. Here AUD/NZD should form a bottom. As for the sentiment, SWFX traders are mostly bullish: as many as 71% of open positions are long.
© Dukascopy Bank SA
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