AUD/NZD 1D Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bears have been in control of AUD/NZD since November of 2014. The pair formed a triple top and subsequently plunged 8.38% within the next two months. The long-term outlook with respect to the Aussie still remains negative. The rate is currently in the middle of the channel, following a test of the trend-line at 1.08, and it is headed toward the lower trend-line of the pattern at 1.0176. There the support is strengthened by the monthly S2 and weekly S3 levels. At the same time, most of the weekly and monthly technical studies are pointing south, further reinforcing the bearish bias. Meanwhile, the SWFX sentiment is distinctly bullish, as the share of long positions amounts to 74%.
© Dukascopy Bank SA
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