AUD/NZD 4H Chart: Ascending Broadening Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a prolonged decline, AUD/NZD has finally managed to find firm support at 1.05 and start a recovery. However, considering that the currency pair has formed an ascending broadening wedge, this is unlikely to be a reversal of the general bearish trend. Eventually, the lower boundary of the pattern is expected to give in and pave the way towards the low seen on Jan 24.
Still, in the near term, as shown by the daily technical studies, there is a good opportunity for the Australian Dollar to outperform its New Zealand counterpart—the pair could rebound from the support at 1.08 and surge up to the rising resistance line at 1.12.
© Dukascopy Bank SA
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