AUD/NZD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/NZD resumed the decline early February after a slightly more than four-figure bullish correction in the overall bearish market. Considering that the currency pair has formed a channel down pattern as a result, the sell-off is likely here to stay. This view is also supported by the technical indicators on all presented time-frames—most of them are currently giving ‘sell' signals.
However, in the short run the Aussie may attempt to recover, being that the price has already reached the lower boundary of the downward-sloping corridor. Accordingly, the rate is set to rebound from 1.0538 and rise up to 1.07 before another bearish wave.

© Dukascopy Bank SA
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