AUD/NZD 1H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite touching the upper edge of the broadening wedge pattern on Wednesday morning, the AUD/NZD cross shows no clear intentions to depreciate at the moment. Earlier on June 3, the daily R1 support line managed to hold bears from pushing this currency pair to the downside. At the same time, the Aussie is required to close even lower in order to confirm any future bearish intentions, namely below the weekly R1 at 1.0842. Development to the south is currently shared by a slight majority of SWFX market participants, as 54% of them are holding short open positions. On the contrary, while daily technical studies are mixed, the hourly ones suggest the Aussie may prolong the up-trend.
© Dukascopy Bank SA
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