AUD/NZD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/NZD was gradually depreciating between March and September. In the end of September strong selling pressure that prevented the pair from climbing ebbed and the currency couple managed to pare previous losses by forming a channel up pattern. AUD/NZD has touched the pattern boundaries for four times already, boosting the magnitude to 81%. Currently, the pair is trading slightly above its 50-bar SMA and is expected to prolong its rally; almost 90% of market participants are bullish on the pair, whereas technical indicators point to a decline in the short-term and a jump in the medium-term.
© Dukascopy Bank SA
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