AUD/NZD 1H Chart: Descending triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A descending triangle has kept AUD/NZD from diving right away, causing it to consolidate before dipping to April 2015 lows at 1.0035 with a few intermediate supply zones on its way. A move south will be assisted by various time-frame SMAs which will push from the upside to the critical 1.0269 level which corresponds to the lower triangle trend-line. The level is strengthened by the daily S1 right beneath at 1.0267, and a break below would trigger a dive to 1.0250, where the daily S2 lies. In case the pair does not lose strength enough to plunge out of the pattern just yet, and continues to the upper triangle trend-line instead, it will face several near-term resistances, such as 1.0285/86, where the daily Pivot Point clusters with the 20-period SMA.
© Dukascopy Bank SA
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