AUD/NZD 4H Chart: Daily bullish signals
AUD/NZD started appreciating since the beginning of April. The currency pair reversed from the lower boundary of a dominant descending channel on April 11 and a high mark of 1.1004 during the previous week trading sessions.
The exchange rate pullback from a seven-month high level on August 10 and began to depreciate. As a result, the currency pair breached some significant support level. Namely, the monthly, the weekly and the 55-hour simple moving average within this short period.
Technical indicators flash bullish signals on the daily time-frame. Therefore, it is likely that the currency exchange rate could reverse from a support cluster at 1.0983 during the following trading days.
The exchange rate pullback from a seven-month high level on August 10 and began to depreciate. As a result, the currency pair breached some significant support level. Namely, the monthly, the weekly and the 55-hour simple moving average within this short period.
Technical indicators flash bullish signals on the daily time-frame. Therefore, it is likely that the currency exchange rate could reverse from a support cluster at 1.0983 during the following trading days.
Comment:
The AUD/NZD currency pair has been moving in a descending channel during the past one month. During this period, the exchange rate tested the lower boundary of a dominant ascending channel.
Presently, the rate is trading near the bottom border of the dominant channel pattern and could be set for a breakout.
Given that technical indicators favour bullish signals on the weekly time-frame, a reversal from the border as mentioned above at 1.0900 could be a possibility during the following trading sessions.
Bullish traders could push the rate towards the 200-hour SMA at 1.0967 within this week.
Presently, the rate is trading near the bottom border of the dominant channel pattern and could be set for a breakout.
Given that technical indicators favour bullish signals on the weekly time-frame, a reversal from the border as mentioned above at 1.0900 could be a possibility during the following trading sessions.
Bullish traders could push the rate towards the 200-hour SMA at 1.0967 within this week.
Comment:
The Australian Dollar has been trading in a medium-scale triangle pattern against the Swiss Franc. The currency pair tested the upper boundary at 1.1005 on September 19 and breached the lower border at 1.8060 on September 26.
Currently, the exchange rate is stranded between SMAs. The 200-hour simple moving average is providing resistance at 1.0930, while the 50-hour moving average is providing support at 1.0904.
Technical indicators on the 4(H) time frame suggest that the currency exchange rate will move past the resistance level as mentioned earlier.
If this situation occurs, the target for the rate will be at the weekly R2 at 1.0973 during the following trading session.
Currently, the exchange rate is stranded between SMAs. The 200-hour simple moving average is providing resistance at 1.0930, while the 50-hour moving average is providing support at 1.0904.
Technical indicators on the 4(H) time frame suggest that the currency exchange rate will move past the resistance level as mentioned earlier.
If this situation occurs, the target for the rate will be at the weekly R2 at 1.0973 during the following trading session.
Comment:
The bearish sentiment which began mid-August has guided the AUD/NZD currency pair lower. This downside momentum marks a 3.20% decrease in price during this long period of time.
The exchange rate was trading near the lower boundary of a triangle-like formation at 1.0830 during the morning hours of Wednesday ’s session. Furthermore, technical sentiment indicates that the Australian Dollar is located in the oversold zone.
Everything being equal, it is likely that the currency exchange rate makes a brief retracement north toward the weekly pivot point at 1.0892 during the following trading sessions.
The exchange rate was trading near the lower boundary of a triangle-like formation at 1.0830 during the morning hours of Wednesday ’s session. Furthermore, technical sentiment indicates that the Australian Dollar is located in the oversold zone.
Everything being equal, it is likely that the currency exchange rate makes a brief retracement north toward the weekly pivot point at 1.0892 during the following trading sessions.
Comment:
The Australian Dollar has depreciated significantly against the New Zealand Dollar after the currency pair made a U-turn south from the upper boundary of a two-week descending channel at 1.0986 on October 10.
The exchange rate was trading near the bottom border of a long-term ascending channel at 1.0815 and could be set for a breakout during the following trading sessions.
If this breakout occurs, the currency exchange rate will target a swing low at 1.0659 within the coming days.
However, a potential short-term surge towards a resistance cluster formed by the combination of the weekly and the monthly PPs at 1.0844 is expected today.
The exchange rate was trading near the bottom border of a long-term ascending channel at 1.0815 and could be set for a breakout during the following trading sessions.
If this breakout occurs, the currency exchange rate will target a swing low at 1.0659 within the coming days.
However, a potential short-term surge towards a resistance cluster formed by the combination of the weekly and the monthly PPs at 1.0844 is expected today.
During the morning hours on Tuesday, the exchange rate was stranded between a resistance cluster formed by the combination of the weekly and the monthly pivot points near 1.0983 above, while the 200-hour simple moving average was providing support for the rate below.
Everything being equal, a breakout from the barrier mentioned above could be expected within this session. Meanwhile, technical indicators flash mixed signals.