AUDNZD 4H Chart: Pair guided by bearish patterns
After hitting the weekly pivot point at 1.1289 on October 24, 2017, the Australian Dollar has been trading in a channel down against its New Zealand counterpart.
The AUD/NZD pair broke the previous channel and continued to form a new low. A new junior channel has been drawn to monitor the price, as can be observed on the chart.
The rate is likely to breach the lower boundary of a large-scale triangle during the next trading days, as suggested by technical indicators which show sell signals. If and when this movement occurs, it could find support at the weekly S1 at 1.0660.
The AUD/NZD pair broke the previous channel and continued to form a new low. A new junior channel has been drawn to monitor the price, as can be observed on the chart.
The rate is likely to breach the lower boundary of a large-scale triangle during the next trading days, as suggested by technical indicators which show sell signals. If and when this movement occurs, it could find support at the weekly S1 at 1.0660.