AUD/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The risks are heavily skewed to the downside. First, AUD/NZD has been trading within the bearish channel for the last four days. Secondly, the pair is right at the upper edge of the pattern. Accordingly, the Aussie should leave the 1.0790/80 supply area and head south. However, there is going to be a significant support zone at 1.0733/24, represented by the Feb 19 low and 200-hour SMA. Below it the price should gravitate towards the lower bound of the channel and the weekly S1 around 1.07. Alternatively, in case the rate jumps out of the channel to the upside, the focus will shift to a major resistance area at 1.0874/66, where the weekly R1 is joined by the daily R3 and Feb 16 high.
© Dukascopy Bank SA
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