AUD/NZD 1H Chart: Rising Wedge
- The Australian Dollar was advancing against the New Zealand Dollar in a short-term ascending channel that has formed in result of a rebound from the bottom trend-line of a preceding descending channel.
- Three days in a row the Aussie was advancing against the Kiwi.
- However, after a speech delivered by the RBA Assistant Governor Kent, the pair has entered into a five hour fall that was stopped only by the approached 55-hour SMA near 1.0762.
- This is the point that can be classified as a second reaction low of a rising wedge.
- If this assumption is true, then the pair is going to climb upstairs, firstly, to reach the 1.0804 mark and, secondly, to reach a combined resistance level formed by the pattern’s upper trend-line and the weekly R2 at 1.0837.
