AUD/NZD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
We have observed almost a one-month long slide of AUD/NZD that took the instrument from a seven-month high of 1.1037 to a six-week low of 1.0721. Despite a generally bearish tendency that is an integral feature of channel down patterns, market players believe the sell-off was excessive—more than two-thirds of traders hold long positions in the pair—and the pair now is capable to pare losses it faced while being locked inside a 276-bar long downward sloping tunnel. Meanwhile, technical data belies traders' view, sending a clear ‘sell' signal for short-, medium– and long-term.
© Dukascopy Bank SA
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