AUD/NZD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/NZD has been moving to the south since March and during this period of time the pair lost more than 2000 pips, making it highly attractive for traders. The short-term outlook is bullish, as 4H technical are sending "buy" signals, while 73% of traders are holding long positions on the pair. It seems that after moving back to pattern's resistance once again, the pair will continue its downside movement, as aggregate indicators on a daily chart are supporting the case of further depreciation. It is better to enter the market around the price of the resistance line at 1.0617. The next key support level is located around a weekly S1 at 1.0469.
© Dukascopy Bank SA
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