AUD/NZD 1D Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Four weeks ago there were signs that AUD/NZD was forming a bearish channel. However, as the support at 1.0566 did not let the currency pair to extend the decline, there are now more reasons to believe in emergence of a double bottom pattern. In this case the key supply area is the neck-line at 1.0945. If the Aussie manages to breach it, the currency will have a good chance of reaching 1.1584 in the long term, although there are also the resistances represented by the monthly R3 and 200-day SMA at 1.1004 and 1.1056 respectively that we should be wary of. In the meantime, the technical indicators are mixed and do not support any particular scenario.
© Dukascopy Bank SA
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