AUD/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For more than a week now, the AUD/NZD pair has been steadily growing within the borders of an ascending channel. Today, after substantial buying activity, the pair has begun consolidating and is even moderately moving to the downside. By the end of the day, a rebound is likely to occur, as the Aussie edges closer to the support trend-line around 1.432. We can expect a hike towards 1.60 in the longer timeframe if the Australian Dollar manages to overcome the weekly R2 at 1.0492. Technical indicators are supporting this idea, as they are bullish in the long-term. Market participants also have a bullish perspective towards AUD/NZD, as 71% of them are holding long positions.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.