AUD/NZD 1H Chart: Triple Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A drop to a one-month low of 1.0652 incited a sharp appreciation of the Australian Dollar against its New Zealand peer. This climb took the pair to a three-week high of 1.0880, the level near which AUD/NZD peaked for three times thus forming a triple top pattern.
Now the pair is strongly tilted downwards as it has recently plunged below the neck-line at 1.0818. In the foreseeable future, AUD/NZD is likely to attain 1.0796/4 (daily S1; 200-hour SMA) that may help the instrument to halt its decline. However, if this support fails to mollify selling pressure that is suggested by technical numbers, the pair may witness a long-lasting depreciation.
© Dukascopy Bank SA
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