AUD/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The channel turned wedge AUD/NZD managed to break just a few hours ago is now reminding of itself by pulling the pair for a retracement at 1.0693. We expect 1.0664 to require effort for a breakthrough with the area until 1.0636 maintaining the resistant nature. A successful attempt at the aforementioned demand zone would shift the risk to 1.0612/0606 and 1.0561 after that. Given the fundamental nature (positive New Zealand quarterly CPI surprise) of the break below the channel line, there is still potential for the rate to climb back into the pattern, where 1.0704/05 will try to cause a diversion, followed by 1.0745/46 where the upper Bollinger Band daily R1 confluence will attempt to cap the gains.
© Dukascopy Bank SA
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