AUD/NZD 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/NZD appears to have formed a triangle within the channel we looked at yesterday. Given the overall bullish bias and the signals provided by the technical indicators, the break-out to the upside seems a lot more likely than a decline. Above 1.0770 the currency pair should aim for the January 19 high at 1.0840. Nevertheless, there is also a strong counterargument, since the Aussie is overbought (74% of positions are long), meaning we should not rule out a sell-off. If the price closes below the weekly PP, the next target will be the 200-hour SMA and the daily S1 at 1.0735, while the main support is at 1.07, provided by the lower boundary of the channel in the four-hour chart.
© Dukascopy Bank SA
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