AUD/NZD 4H Chart: Broadening Falling Wedge

AUD/NZD is also showing some weakness of AUD at the moment. At the same time, in the downward scenario is not guaranteed to take place in the foreseeable future. At first, the pair is quickly nearing a tough support area near 1.1140, which is represented by the monthly pivot point and simple moving averages on different time frames. Moreover, daily and weekly technical indicators are sceptical about the bearish scenario for the Aussie, especially in the long term. In the meantime, market sentiment is completely undecided, as there is an equal number of bullish and bearish open positions at SWFX market. Thus, risks of AUD/NZD's reversal as soon as this week are not off the table.