AUD/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the length of the pattern (800 candles), the boundaries of the pattern remain shaky, and we still need the market to confirm the trend-lines, especially the lower one. This is where the long-term moving average should come to the rescue and help demand at 1.1066 to send the exchange rate higher, towards the upper edge of the channel. The base case scenario is therefore is an update of the current July high (1.1430) and a subsequent extension of a rally towards the peaks seen back in the second half of 2013 (Oct high at 1.1584 and Sep high at 1.1661). Additional support that could help the bulls is around 1.1021, where the weekly S1 joins forces with the Jul 9 low.
© Dukascopy Bank SA
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