AUD/NZD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/NZD sketched a few different variations of a descending triangle pattern amid its consolidation phase, but has now set a flattish upper trend-line and put it up for tests from below. The alternating nature of the pattern's top part might suggest that a range is being established, meaning that the upper boundary will be broken at 1.0414, and 1.0423 - the previous high could come into play instead. Movements below are supported by 1.0402/01 and 1.0399/98, the Ichimoku cloud and a cluster of resistances, but our outlook sees risks lying to the upside instead.
© Dukascopy Bank SA
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