AUD/NZD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the first part of October, AUD/NZD failed to approach the 1.13 level. After many unsuccessful attempts to do so the pair started declining, thereby forming a falling wedge pattern.
Currently, the currency pair is challenging the upper trend-line, thus increasing the possibility of a break-out to emerge. Moreover, the fact that the Aussie is holding above the 1.10 mark is a sign that pair is not likely to dip below this level. A majority (66.71%) of the SWFX market participants are also bullish on the pair. At the same time, the technical studies are not giving any valuable signals. If the pattern is breached to the upside then the 1.1100/12 levels become the target.
© Dukascopy Bank SA
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