AUD/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The market is bearish since the beginning of November 2014, when AUD/NZD once again confirmed resistance at 1.13 after several unsuccessful attempts to breach it. Right now the currency pair is struggling to break support at 1.03, but the risks are skewed to the downside, and the Aussie is expected to keep descending until it reaches the lower boundary of the channel, while the down-trend at 1.0430 should stay intact. This scenario is reinforced by the technical indicators on the daily and weekly time-frames, as most studies are currently pointing south. However, the SWFX sentiment is strongly bullish—74% of all open positions are long.
© Dukascopy Bank SA
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