AUD/NZD 4H Chart: Potential breakout
The bullish momentum which began mid-June has driven the Australian Dollar higher against the New Zealand Dollar. This mark 3.10% increased in price range during this short period.
A strong resistance formed by the upper boundary of a dominant descending channel has pushed the exchange rate lower. However, the decline was not significant as the rate still remained in the ascending channel.
In the meantime, technical indicators flash bullish signals during the following week, thus suggesting that a breakout through the upper border of the dominant channel is likely to occur next week.
A strong resistance formed by the upper boundary of a dominant descending channel has pushed the exchange rate lower. However, the decline was not significant as the rate still remained in the ascending channel.
In the meantime, technical indicators flash bullish signals during the following week, thus suggesting that a breakout through the upper border of the dominant channel is likely to occur next week.