AUD/NZD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a downward-sloping channel emerging in the hourly chart of AUD/NZD. This implies that near-term rallies are to be capped by the resistance trend-line at 1.0790, while the main target is the lower edge of the pattern at 1.0710. And while the technical indicators also hold a negative bias, we need the rate to breach 1.0730 in order to confirm its intentions to go even lower in the longer term. The reason for concern is represented by the weekly PP and 200-hour SMA that may well prevent further depreciation of the Aussie against Kiwi by triggering a rally through supply at 1.0790. In this case we will shift our attention to 1.0884, namely the Nov 4 high.
© Dukascopy Bank SA
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