AUD/NZD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The hourly chart of AUD/NZD suggests the pair is likely to keep moving lower. Apart from the descending triangle that implies growing selling pressure, the negative bias is strengthened by the technical indicators and the trend-lines. Even if the price escapes the boundaries of the pattern to the upside, potential gains should be limited by supply at 1.0920. Additional resistances are at 1.0960 (down-trend plus 200-hour SMA) and at 1.0985 (weekly PP plus Oct 6 high). The main scenario is a close below 1.0865 and extension of the decline through the weekly pivots down to 1.0711, namely the June low. Nevertheless, the SWFX sentiment is distinctly bullish: 72% of positions are long.
© Dukascopy Bank SA
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