AUD/NZD 4H Chart: Channel Down

Aussie-kiwi cross has been gradually loosing value since mid-march, 2013. As a consequence, formation of a channel down pattern does not come as much of a surprise. Technical indicators does not suggest that we should expect a move towards the pattern's resistance. Medium term technicals suggest that the pair should be moving along the pattern's support. However, it is worth mentioning that daily S2 is also the lowest level  in 54 month. It should slow down the pairs development significantly in the near future and make it gain momentum once breached.