AUD/NZD 4H Chart: Channel Down

Although AUD/NZD has been trading in a pronounced down-trend already since Oct 27, it started to do so in a more orderly manner (respecting two negatively-sloping parallel trend-lines) just recently, specifically during the formation of the last 60 candles. Right now the currency pair is approaching the lower boundary of the corridor at 1.1060, meaning there is an increased possibility of a bullish correction emerging in the nearest future. However, the four-hour and daily technical indicators remain mostly bearish and thereby do not support this idea. Meanwhile, three out of four SWFX traders see the pair bottoming out in the future—they are currently holding long positions.