AUD/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A pair of two commodity currencies is trading in an ascending channel pattern, as the Aussie appreciates against the Kiwi. The currency exchange rate is in the middle of the pattern, as the rate bounced off the pattern's lower trend line at 1.0578 around midnight between August 10 and August 11. The currency pair is bouncing between the simple moving averages, which, at the moment, are located from the level of 1.0641 to the 1.0684 mark. If the pair breaks out of the SMA cluster to the upside, it will surge unstopped to the level of 1.075, where the first weekly resistance is located at. Daily aggregate technical indicators forecast a surge for the pair during Friday's trading session, which means that the previously predicted move is most likely.
© Dukascopy Bank SA
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