AUD/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Formation of a bearish channel implies a negative outlook. This idea is reinforced in the daily chart, since the pair has recently broken through the neck-line of the double bottom. Right now however, the near-term risks are heavily skewed in favour of a rally, being that we have approached the apex of the falling wedge that has emerged within the channel. The Aussie is likely to appreciate during the next several days, but the gains are seen limited by a falling resistance line (currently at 1.11). In the longer-term perspective the exchange rate may well fall down to 1.07, namely to the Jun 10 low. Meanwhile, there is no real difference between the amounts of bulls (46%) and bears (54%).
© Dukascopy Bank SA
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