AUD/NZD 1W Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/NZD is well-positioned for a rally. For one, the currency pair has just breached a major five-year resistance trend-line. As if this were not enough, there is an ascending triangle emerging in the weekly chart, a pattern that indicates growing demand. Additionally, there are more technical indicators that are giving ‘buy' signals than there are studies that are bearish. Accordingly, we expect a strong rebound from 1.09 towards the 200-week SMA, which needs to be broken to confirm the pair's intentions to keep moving north. An argument against Aussie's appreciation is preponderance of bulls in the market—70% of open positions are already long.
© Dukascopy Bank SA
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