AUD/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
This currency pair will shortly reach a point when it should commence a correction to the upside, which is also forecasted by the daily technical indicators at the moment. The green trend-line is placed at 1.1171 and secured by the first daily support for today at 1.1162. Any drop below here seems unlikely, as extra demand is being offered by cluster of supports created by the 100-hour SMA and weekly pivot point at 1.1145 and 1.1135, respectively. The rally, if takes place, should extend through the weekly R1 at 1.1371 over the next 48 hours. Success here will pave the way for a jump to the upper edge of the pattern near 1.1450. Meanwhile, SWFX sentiment (67% long) suggests the Aussie is already overbought.

© Dukascopy Bank SA
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