AUD/NZD 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Latest on Friday of this week the AUD/NZD currency pair is estimated to make break-out from the descending triangle pattern, inside which it has been trading since the beginning of November. At the moment there are mixed signs concerning the future development of this cross, but we tend to stay bearish on the Aussie versus the Kiwi. Firstly, technical studies are pointing downwards on both medium and long-term time-frames, suggesting a decline at the end of this week. Moreover, pattern's support is not reinforced by any technical level, and the closest demand area is located only at 1.0276 (weekly S1). SWFX traders, in turn, are holding long opened positions in 74% of all cases.
© Dukascopy Bank SA
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