AUD/NZD 30M Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite a strong sell-off in the second half of the previous week, AUD/NZD managed to stabilise on Friday near 1.0320 and began a recovery. Later on the rise developed into a channel, and now we expect the pair to confirm the lower bound of the pattern at 1.0440 and start a new bullish wave. The positive outlook is further strengthened by the technical indicators, which are generally pointing upwards in all three studied time frames. Our target is thus a confluence of resistances around 1.05, where the weekly R1 joins forces with the daily R2, the upper bound of the channel and the round level. Meanwhile, additional supports are at 1.0420 (200-period SMA) and at 1.0410 (daily and weekly PP).
© Dukascopy Bank SA
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