AUD/NZD 1D Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
It has already been more than 200 days since AUD/NZD started to exhibit tendency to decline. At the same time it appears that the currency pair has formed a bearish channel. However, while the formation seems to be viable, there are too few confirmations of the falling trend-lines. Accordingly, this corridor is rather a potential pattern rather than the actual one. Consequently, we would expect the resistance at 1.1126 to hold and AUD/NZD to preserve downward momentum, but there should be more points of contact between the price and the boundaries of the pattern before we can speak of probable reversal levels with a reasonable degree of confidence.

© Dukascopy Bank SA
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