AUD/NZD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After demand at 1.00 stopped the bears who had been in control of the pair since the beginning of November, AUD/NZD started to climb upwards, and eventually the currency pair formed a bullish channel. For now the currency pair is consolidating, but the dips should be limited by the rising support line together with the weekly R1 at 1.0739. Once this phase is completed, the target will be 1.11, the current location of the weekly and monthly R3 level, but more importantly, this is where upper boundary of the pattern is likely to be challenged. At the same time, the SWFX traders share the positive sentiment towards the Aussie, being that as many as 68% of positions are long.
© Dukascopy Bank SA
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