AUD/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The near-term outlook on AUD/NZD is bullish. The currency pair has just formed an ascending triangle, and most of the hourly technical indicators are pointing north. Accordingly, we expect the Aussie to rebound from 1.0650 and re-test last week's maximum. However, the price lacks the potential to go higher, which is implied by the daily studies. In addition, the Australian Dollar is already overbought, as shown by the SWFX sentiment that is bullish with two thirds of open positions being long. Beneath the weekly pivot point AUD/NZD will have a good chance to stabilise near the 200-hour simple moving average, which at the moment can be found at 1.0632.
© Dukascopy Bank SA
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