AUD/NZD 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Recent movements took the form of a descending triangle for AUD/NZD, suggesting that the one and a half year downtrend might still be in play. The pair has just broken the bottom trend-line of the triangle, and we expect it to fall as low as 1.0226 where the senior downtrend could cut downside potential. What makes us doubt a bearish extension below is the falling wedge formed on the weekly chart, combined with the strength of the established senior downtrend. Immediate support now lies at 1.0377 and then 1.0334, but a retracement would be capped at 1.0425.
© Dukascopy Bank SA
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