AUD/NZD 1D Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/NZD has been in a strong bearish trend since it has formed a triple top pattern near 1.13. The overall bias is therefore negative, and a surge to 1.03, namely to the upper boundary of the channel, is not going to invalidate the outlook. The base case scenario is a breach of the support cluster around parity, and continuation of the sell-of until the price arrives at 0.97, the current location of the weekly S3 level, but more importantly, it is the lower trend-line of the pattern. However, in case resistance at 1.03 fails to contain the bulls, the rally will likely be stopped only between 1.07 and 1.08, where the 200-day SMA merges with the Jan high and some of the weekly pivots.
© Dukascopy Bank SA
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