AUD/NZD 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering the current conditions in the market, AUD/NZD appears to be in a good position to negate the losses incurred starting from late January. The selling pressure is weakening, as pointed out by contracting trading range and falling trading volumes. A breach of the resistance trend-line (currently at 1.0350) will confirm bullish intentions of the Aussie. The potential targets will then be the weekly R1 together with the long-term SMA at 1.0545, the monthly pivot point together with the Feb 6 high at 1.0614, and finally this year's high at 1.08. However, it must be mentioned that the technical indicators are against such a course of events, giving strong ‘sell' signals for the daily and weekly time-frames.
© Dukascopy Bank SA
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