AUD/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After being on a sideways trend since the end of July to the middle of August the pair received a bullish impetus around 1.0948 on 13th of August. This is evidenced by AUD/NZD forming a bullish channel. Also the weekly and monthly technical studies are strongly bullish, strengthening the case of further appreciation. In the near-term; however, a slide towards the 100 and 200-day SMAs at 1.1173/64 is likely to occur, as the currency pair is trading around the up-trend's resistance. The traders' sentiment is neutral at the moment, with a slight majority (52.52%) of the SWFX market participants expecting the Aussie to strengthen.
© Dukascopy Bank SA
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