AUD/NZD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having touched the lowest level since October 2008 on July 14, AUD/NZD commenced an upward trend, climbing above its 50-and 200-bar SMA to almost a two-month high of 1.1665. After approaching the two-month high, the pair fell off in vigour and tumbled close to the pattern's support at 1.1354. Market players believe that the pair is not likely to continue succumbing to the downside pressure and may rebound in the nearest term; 54.84% of them are bullish on the pair. If AUD/NZD moves in line with traders' expectations, it will have to breach the region of four-hour resistances sitting at 1.1405/27 (four-hour R1, R2, R3) that would trigger the test of 200-bar SMA at 1.1443.
© Dukascopy Bank SA
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