AUD/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
It is more likely than not that the Aussie is going to keep losing ground against its New Zealand counterpart. In addition to the pair trading within the downward-sloping channel, most of the technical indicators are pointing south. At the same time, we see that the Australian Dollar is heavily overbought—73% of open positions are long. The immediate ceiling is at 1.07, while the main target is the October low at 1.05.

Meanwhile, if the pair manages to close above the upper trend-line, there appears to be no levels capable of stopping the recovery up until 1.0880/60, where the weekly R1 merges with the monthly PP and the long-term moving average.
© Dukascopy Bank SA
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