AUD/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the Aussie is underperforming the Buck, the currency managed to stay within the boundaries of a bullish channel against the Kiwi unlike in the AUD/USD pair. Provided that the rising support at 1.0660 stays intact, AUD/NZD will be in a good position to advance beyond the Jan 28 high at 1.08 and reach the upper edge of the channel at 1.0870, from where we can expect a sell-off. Nevertheless, a majority of weekly studies gives ‘sell' signals, suggesting the up-trend is going to give in. In this case the price will likely fall down to 1.0350 in the next few weeks and will probably keep moving south afterwards, as the recovery started at the beginning of January will no longer be topical.
© Dukascopy Bank SA
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