AUD/NZD 1H Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Taking into account the most recent developments, AUD/NZD is poised for a pronounced rally. There has just been a strong up-move, followed by a consolidation phase, as fluctuations of the price were contained between resistance at 1.0503 and support at 1.0485. However, a breach of 1.05 may not result in a long-lived recovery, as there is supposedly a dense supply area at 1.0544, created by the daily R3 and, more importantly, by a multi-month falling trend-line that connects the November 2014 and January 2015 highs. Nevertheless, the distribution between the long and short positions is heavily skewed in favour of the former, who take up 71% of the market.
© Dukascopy Bank SA
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