AUD/NZD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie recently broke out of a large scale descending channel pattern against the New Zealand Dollar. As a result, an ascending channel pattern has formed, which is likely to dictate the currency pair's moves in the near future. It is most likely that the ascending channel will set the direction of the Australian Dollar against the Kiwi until the pair reaches the 38.20% Fibonacci retracement level, which is located at 1.0658 level. However, it has to be taken into account that the catalyst for the breakout was a fundamental event. To be precise, it was the release of the Reserve Bank's of New Zealand batch of information, which revealed that the bank considers the Kiwi as overvalued.
© Dukascopy Bank SA
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