AUD/NZD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last five trading days Aussie fell 0.31%, while Kiwi advanced 0.45% versus other major currencies. The Aussie– Kiwi cross is still trading in channel up pattern's boundaries, however, it is approaching a key level around 1.14. A move below it would put 1.1375 on the map, and according to technicals on a 4H chart, the short term scenario is bearish. At the same time, almost 74% of traders are holding long positions on the pair, suggesting a retest of the support line is unlikely. Moreover, technical on a daily chart are pointing to a direction to the north, hence, long traders may focus on a recent high and a daily resistance at 1.1584.
© Dukascopy Bank SA
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