AUD/NZD 4H Chart: Likely to maintain channel - Trade Pattern Ideas - Dukascopy Bank

Mon, 24 Feb 2020 06:18:39 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralBuyNeutral
Stochastic(5;3;3)NeutralNeutralBuy
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)SellSellSell
Aggregate

The Australian Dollar has been gradually edging higher in an ascending channel pattern against the New Zealand Dollar since last week's trading sessions. The currency pair tested the upper boundary of the channel pattern at 1.0505 on February 11.

As for the near future, the exchange rate will most likely maintain the ascending channel pattern. The potential target for bullish traders would be near a resistance cluster formed by the weekly R2 and the monthly R2 at the 1.0519 area.

On the other hand, the AUD/NZD currency exchange rate could reverse from the current price level at 1.0460 and target the bottom border of the ascending channel pattern at 1.0376 within this week's trading sessions.


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