AUD/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
At a first glance AUD/NZD might offer a good opportunity to go long, but in fact this is not the case. Although the eight-month up-trend has been broken to the upside, further development of the rally is highly unlikely. The reason is the five-year down-trend resistance line that stands just above the January high, namely at 1.10. Accordingly, while the one-two day perspective is bullish, longer-term perspective is bearish. At the same time, the Aussie is overbought to a significant extent, and this is an additional argument against the Aussie's appreciation relative to the Kiwi—74% of open positions in the SWFX market are long.
© Dukascopy Bank SA
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