AUD/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/NZD preserved upward momentum after hitting the August highs. Accordingly, the currency pair is likely to keep trading between the two parallel trend-lines. In the short term the losses should be limited by 1.1245, where apart from the lower edge of the pattern we also have the daily S1 and Sep 17 low. If this demand level is broken, the Aussie will likely look for a test of 1.12 (200-hour SMA, Sep 16 low and daily S2). In the meantime, if the price moves north from here, AUD/NZD will be expected to start a bearish correction after it tests a dense supply area circa 1.1380. At the same time, a majority (64%) of the SWFX market participants expects the exchange rate to increase.
© Dukascopy Bank SA
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