AUD/NZD 1H Chart: Breakout from symmetrical triangle

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Sell Sell
Alligator (13; 8; 5) Neutral Neutral Buy
SAR (0.02; 0.2) Buy Sell Buy
Aggregate

In early hours of this trading session the currency exchange rate made a breakout from symmetrical triangle pattern amid the pressure from 55-, 100- and 200-hour SMAs.  

In result of this downfall the pair has formed a minor descending channel, which is should guide movement of the pair at least until release of data on the New Zealand Retail Sales. 

But publication of worse than expected figures is unlikely to change the overall trend, according to which the pair is expected to ultimately reach the lower support line of the dominant rising wedge formation. 

In case the pair bypasses the above moving averages, the subsequent surge should be neutralized by the upper trend-line of a medium-term descending channel.

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