AUD/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/NZD entered an ascending channel that still lacks confirmation, but implies that the rate should dip to 1.0510 over the next couple of days. A tap at the level would result in an extension of the overall rally, setting 1.0626/34 as the next conquest, which would then open the way to the 1.0723/39 supply area. In case the pair fails to confirm the strength of the channel, the bulls would take over right away, setting sights on the aforementioned resistances immediately. Downside breakouts are held by 1.0494/90 where the Monthly Pivot Point, Bottom Bollinger Band and weekly S1 confluence provides significant demand pressures.
© Dukascopy Bank SA
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