AUD/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After complying with the falling wedge on the daily chart, AUD/NZD exited it to the upside, but then immediately put an end to the bullish market with a channel down on the hourly chart. The pair has just executed a retracement of the channel upper trend-line that it has broken out of in the last few hours. While the picture appears to be quite bullish for now, there are adverse pressures stemming from an alternative pattern to the previous senior wedge, namely a channel down pattern that now is sketched. In case the senior channel holds, the pair is most likely to continue the bearish motion even if a short-term uptrend takes place on the hourly chart.
© Dukascopy Bank SA
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