Analysis for Newbies: AUD/CHF – with chances for further increases
The last period is relatively successful for the Australian currency. From the beginning of May, the exchange rate is able to resist the strengthening of the USD, and recently it has been doing quite well with the appreciation of Swiss franc. Recently, positive data from the Chinese economy surprised, and today in the morning the readings from the Australian labour market were very positive. This translates into considerable increases on the AUD / NZD pair. Looking at the cross with Frank, it seems that the ongoing consolidation is just a stopover before continuing the rebound started at the end of March.
The situation is clearly visible on the weekly chart, where we see the pair moving in a bullish channel. The arrangement of candles with long lower shadows suggests a chance for further increases.