AUD/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar has traded against the New Zealand Dollar in an ascending channel pattern since December 29. In the meantime, the currency exchange rate is in two descending channel patterns. Most recently on January 4 the currency pair hit the crossroads of the two larger descending pattern upper trend lines. As a result the Aussie began a retreat against the Kiwi. However, the retreat did not last long, as the small scale channel still provided enough support to push the currency exchange rate back up. It is most likely that the rate will once more hit the large scale pattern trend lines before continuing its decline further. In addition, the pair is overbought, as 73% of open SWFX positions are long.
© Dukascopy Bank SA
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