AUD/NZD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a bullish pattern emerging in the hourly chart of AUD/NZD. However, considering that the pair has just confirmed the upper edge of the channel, we expect a sell-off down to 1.0650 today. There the decline should give way for a strong rally, being that this demand level is strengthened by the rising support line, weekly pivot point, and the 200-hour SMA. If 1.0650 proves insufficient to halt the sell-off, the Aussie will probably test the December low at 1.0570. Alternatively, in case the rate suddenly soars through 1.0740, there might not be resistances capable of stopping AUD/NZD until the highest point seen in December, namely 1.1050.
© Dukascopy Bank SA
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