AUD/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/NZD carries strong bullish momentum since September 20, when the currency pair confirmed a breach of the Aug 8 - Sep 16 trendline. The 200-hour SMA has recently fallen victim to the pair's bullishness as well, implying that the rally may well extend up to 1.0750 (July and August highs), as there seem to be no significant resistances nearby. At the same time, a majority of technical indicators is pointing north, strengthening the case for Aussie's appreciation. The immediate support is at 1.0520, and we expect the price to rebound from here and close above the current September high at 1.0544, which will allow AUD/NZD to target the upper bound of the forming channel at 1.06.
© Dukascopy Bank SA
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