AUD/NZD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
On March 16 the Australian Dollar changed its direction against the New Zealand Dollar, as the currency exchange rate encountered the upper trend line of a medium term ascending channel pattern. Although it was expected that the only a short term decline will take place, the currency pair formed a new descending channel. By looking at the larger picture it can be observed that the currency pair is actually forming a new long term pattern. It is most likely that the active medium term channel will guide the rate down to the 50.00% Fibonacci retracement level of the 2015 low and 2016 high level, which is located at the 1.0716 level. If a rebound occurs at that level, the borders of the long term pattern will be possible to be marked.
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