AUD/NZD 30M Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After giving in to the 1.0758 resistance for the third consecutive time, AUD/NZD opened up a downtrend in October 13, and has just put more significance on it by adding the boundaries of a channel down pattern. Even though the latest movements sketch a ranging market, the pair is on its way to test the upper boundary of the newly-formed pattern at 1.0475, which is toughened by the 55-period SMA and cloud resistance, meaning that there is very little chance that the area will be violated. When the up-wave is completed, 1.0442 and 1.0428 will come into play, causing the rate to hitch and then continue smoothly.
© Dukascopy Bank SA
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