AUD/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
For more than a week now, the AUD/NZD pair has been steadily growing within the borders of an ascending channel. Today, after substantial buying activity, the pair has begun consolidating and is even moderately moving to the downside. By the end of the day, a rebound is likely to occur, as the Aussie edges closer to the support trend-line around 1.432. We can expect a hike towards 1.60 in the longer timeframe if the Australian Dollar manages to overcome the weekly R2 at 1.0492. Technical indicators are supporting this idea, as they are bullish in the long-term. Market participants also have a bullish perspective towards AUD/NZD, as 71% of them are holding long positions.
© Dukascopy Bank SA
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