AUD/NZD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/NZD has been trading in the broad range since it entered a channel up pattern on August 25. During the last three weeks, the pair dropped to an one-week of 1.1439 and managed to recover its losses, climbing to more than a one-month high of 1.1662. Currently the pair is trading below its 200-hour SMA, closer to the lower-boundary of the pattern. It seems likely that the currency couple will use its short-term SMA as a prop for a jump towards its 200-hour SMA that acts as a strong resistance. The upswing, if materialized, would meet traders' expectations as well as be in compliance with short-term bullish signals sent by technical indicators.
© Dukascopy Bank SA
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