AUD/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
Recently the Australian Dollar broke a medium term descending channel pattern against the New Zealand Dollar. The inertia for the breaking of the pattern was provided initially by the 61.80% Fibonacci retracement level, which is located at the 1.0658 level. The relevant Fibonacci retracement levels are measured by connecting the 2016 high and low levels. As a result a narrow ranged ascending channel pattern has formed. The channel up pattern has broken through the resistance of the 50.00% retracement level at 1.0787, the upper trend line of the previously active pattern and the 200-period SMA near the 1.0850 level. The pair is set to reach the 38.20% Fibonacci retracement level at the 1.0916 mark.
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