AUD/NZD 1H Chart: Channel Up
- The Australian Dollar is gaining value against the New Zealand Dollar in a few days long ascending channel, which started to form in result of an extensive jump of the exchange rate from the monthly R1 at 1.0868.
- Given the narrow structure of the pattern, it is not expected to guide movement of the pair for long. Most probably, the 55-hour SMA, which moves along the channel’s southern boundary, will help the rate to surge to the weekly R1 at 1.1017. Afterwards, the breakout most likely is going to happen.
- On the other hand, the pattern might cease to exist even earlier because of some fundamental events, such as publication of information on the Australian Private Capital Expenditure on Thursday.
