AUD/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a bullish channel emerging on the hourly chart of AUD/NZD, as the Aussie has been generally outperforming its New Zealand counterpart for the past 150 hours. According to the pattern, the currency pair should be supported by 1.0649 (rising resistance line and 200- hour SMA) and then head towards 1.0778, where it is supposed to meet the upper trend-line after breaking the monthly pivot points at 1.0696 and 1.0745. The positive outlook is also supported by the hourly and daily technical indicators; and at the same time, the traders' sentiment is heavily bullish, being that 72% of open positions are long and merely 28% are short.
© Dukascopy Bank SA
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