AUD/NZD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the very end of October AUD/NZD has been following a marked bearish trend. In the beginning of the year, the pair expedited its drop thus making the downtrend even more lucid and forming a channel down pattern.
At the moment, traders have a chance to profit from the pair's moves as AUD/NZD has recently penetrated the pattern's resistance meaning that the upswing may be in place in the hours to come. However, 200-hour SMA that is meandering above the pair raises some concerns as it seems capable to contain the rally and may even push the pair back to upper trend-line of the corridor.
© Dukascopy Bank SA
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