AUD/NZD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a period of depreciation that started on March 14, AUD/NZD seems to start recovering, as during the last month it has gained more than 300 pips. At the moment of writing the pair was approaching the lower trend, and as always it would be interpreted as a "buy" signal. Moreover, indicators on 4H and daily charts are pointing at further appreciation as well, however, it seems that a key level for a strong uptrend will be found at 1.1525, represented by a Fibonacci retracement, weekly pivot and daily resistance. We might suggest in case this level is penetrated, the pair will be able to move to pattern's resistance and maybe even higher.
© Dukascopy Bank SA
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