AUD/NZD 4H Chart: Pair guided by bearish patterns

Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Buy Neutral
Stochastic (5; 3) Neutral Sell Sell
Alligator (13; 8; 5) Sell Sell Neutral
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

After hitting the weekly pivot point at 1.1289 on October 24, 2017, the Australian Dollar has been trading in a channel down against its New Zealand counterpart.  

The AUD/NZD pair broke the previous channel and continued to form a new low. A new junior channel has been drawn to monitor the price, as can be observed on the chart. 

The rate is likely to breach the lower boundary of a large-scale triangle during the next trading days, as suggested by technical indicators which show sell signals. If and when this movement occurs, it could find support at the weekly S1 at 1.0660.

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