AUD/NZD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on AUD/NZD is bullish. The exchange rate is likely to rebound from 1.1147 and start forming a new up-leg. This scenario is reinforced by the weekly and monthly technical indicators. However, we must acknowledge that a rally beyond 1.14 will be difficult, since the Aussie will approach some prominent 2013 highs. In the meantime, a close beneath 1.1147 will not necessarily mean a prolonged decline, as we also have a support level at 1.1020 (Jul 8 low). However, a breach of the latter will imply a dip down to 1.06, where the May 28 low coincides with the 200-day SMA. As for the sentiment in the market, the traders are undecided. Right now 51% of positions are long and the remaining 49% are short.
© Dukascopy Bank SA
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