AUD/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/NZD moved as expected on the hourly chart with a break below the triangle we looked at in our previous analysis and confirmed the flattish downtrend in a channel down pattern. Even though it looked like a range will be established, the pair remains steadily inside of the channel and is expected to surge up until it hits 1.0411, the upper trend-line of the pattern. An immediate resistance level lies at 1.0379 with more risk at 1.0385 and another set of supply pressures will mess with the upwards motion after that. The bottom boundary of the channel provides ground at 1.0364.
© Dukascopy Bank SA
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