AUD/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although AUD/NZD has been forming a falling wedge for a considerable amount of time (since the second half of 2014), the currency pair did not turn around, as implied by the pattern. Instead, the price closed beneath the lower trend-line, and it keeps moving south. However, right now there should a bullish correction. AUD/NZD has just met a dense demand area at 1.0080, and the rally may extend somewhere up to 1.0200 before the bears once again regain control of the pair. In the meantime, the technical studies are not strongly supportive of this outlook, and the distribution between the SWFX traders is noticeably skewed in favour of the bulls, who take up three fourths of the market.
© Dukascopy Bank SA
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