AUD/NZD 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Most of the studies suggest the Australian Dollar will outperform its New Zealand counterpart. The main argument is the fact that AUD/NZD has formed a symmetrical triangle, a continuation pattern. The bullish outlook is also implied by the technical indicators and the solid demand area between 1.0680 and 1.0660. Accordingly, the base scenario is a close above 1.0720 and an extension of the recovery to 1.08, which is the current level of the 200-day SMA. The Aussie, however, is heavily overbought (73% of positions are already long), and in case 1.0680/60 is violated, the focus will immediately shift to 1.0615, where the pair found support in mid-July.
© Dukascopy Bank SA
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