AUD/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since Tuesday the AUD/NZD currency pair is trading under a constant bearish pressure, which led to the formation of the channel down pattern on an hourly chart. The pair has recently bounced from the upper boundary of the channel and is now slowing down around the lower Bollinger band level at 1.0962. While pending orders in the 100-pip range generally support the idea of further depreciation, 58% of SWFX traders are holding long positions on the pair at the moment. At the same time, the pair may easily decline even more, as the majority of technical levels are located above the current trading level, meaning it will be extremely difficult for the pair the recover in the nearest future.
© Dukascopy Bank SA
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