AUD/NZD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/NZD is in a consolidation phase after the February 26-March 9 up-move, and at the moment the outlook is bullish. The currency pair has just confirmed the lower boundary of the slightly ascending channel, meaning we are likely to see the rebound extending up towards 1.1372. The longer-term prospects, however, are not as bright. The rate is closing in on the major supply area that has proven to be important for the market participants during the last three years, meaning the chance of it giving in to the bulls is slim. At the same time, the Australian Dollar is moderately overbought—59% of open positions are long, which further decreases the probability of AUD/NZD breaching the ceiling at 1.14.
© Dukascopy Bank SA
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