AUD/NZD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair of two Pacific currencies has been following a bearish trend since it touched a six-week high in the end of October. However, a formation of the channel down pattern started only on November 8 when AUD/NZD sped up the pace of its depreciation. Currently, the regained some strength and may try to penetrate the pattern's resistance that may lead to the bullish breakout. Although the breakout seems possible in the nearest future, it is going to be an arduous undertaking as the pattern's resistance is also defended by the 50-hours SMA that meanders a couple of pips above the pattern's boundary.
© Dukascopy Bank SA
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