AUD/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After AUD/NZD bottomed out at 1.0550, one can seen the glimpses of a bullish channel emerging in the four-hour chart. However, the currency pair has been struggling to rise above 1.0840 recently. The focus is therefore on the nearest demand zone at 1.0767/59 (weekly and monthly PPs). Still, the decline may extend lower without jeopardising the bullish outlook—the key support is at 1.0680, represented by the rising trend-line, weekly S1 and the long-term moving average. In the longer-term perspective, if the price manages to surpass the January 19 high, we may expect a retest of the December and November highs that lie north of 1.1050.
© Dukascopy Bank SA
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