AUD/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
AUD/NZD failed to resume the Apr-Jun rally in summer, and since mid-September it has been trading in a bearish channel. In the long run the exchange rate may slide down to 1.0020 before the price finds strong demand. In the meantime, the near-term outlook is also bearish, as the pair is trading right at the upper trend-line, which is reinforced by the monthly S2 and weekly PP. Accordingly, we expect the Aussie to retreat from 1.07 and start a notable bullish correction only around 1.04, where the lower boundary of the pattern coincides with the weekly and monthly S3 levels. Meanwhile, the Australian Dollar appears to be overbought, as 71% of open positions are long.
© Dukascopy Bank SA
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