AUD/NZD 4H Chart: Confirms medium channel down
The Australian Dollar recently surged to confirm a trend line against the New Zealand Dollar. Due to that reason market participants are finally able to draw the previously expected to reveal itself medium size pattern.
In regards to the short term the pair is likely going to be pressed into the support of the weekly S1 at the 1.1050 mark. It will be done by the resistance of the 55 and 100-period simple moving averages.
Meanwhile, one needs to take into account that the four hour candles, if moved away from the simple moving averages, are likely to become larger. Namely, volatility will increase.
In regards to the short term the pair is likely going to be pressed into the support of the weekly S1 at the 1.1050 mark. It will be done by the resistance of the 55 and 100-period simple moving averages.
Meanwhile, one needs to take into account that the four hour candles, if moved away from the simple moving averages, are likely to become larger. Namely, volatility will increase.