AUD/NZD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
After posting a top in March, AUD/NZD worked on taking the motion lower, but was not always successful as strong up-waves accompanied the movement. The current slip might also be one of those to induce an upward motion on the hourly time-frame, as a falling wedge signals bullish potential. The pair has just tested the bottom boundary of the pattern and is now expected to surge towards 1.0682 where the upper line lies. The immediate target rests at 1.0660 and is likely to cause a hitch on the way. In case of a break above the pattern, 1.0705 is to come into play.

  Level  Rationale     Indicator 30M 1H 4H
R4 1.0705 Daily Pivot Point     MACD (12; 26; 9) Sell Sell Sell
R3 1.0691 Wedge Upper trend-line     RSI (14) Neutral Neutral Neutral
R2 1.0677 20-hour EMA     Stochastic (5; 3; 3) Sell Sell Neutral
R1 1.066 Daily S1     ADX (14) Buy Sell Neutral
S1 1.0648 Bollinger Band; Wedge trend-line     CCI (14) Sell Sell Neutral
S2 1.0638 Weekly S1     AROON (14) Buy Buy Buy
S3 1.0625 Daily S2     Alligator (13; 8; 5) Neutral Sell Sell
S4 1.0581 Daily S3     SAR (0.02; 0.2) Buy Buy Sell
          Aggregate → ↘ ↘
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