NZD/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The kiwi has received a strong bullish bias from New Zealand's fundamentals. On the back of positive data the NZD/USD has moved closer to its historically highest level at 0.8840. However, before reaching this level, the pair will have to penetrate the upper trend line of the channel up, which is located at 0.8731. While MACD is suggesting the market is overbought, and is pointing at a correction, aggregate indicators on a variety of timeframes are sending ‘buy' signals. The outlook for the pair is bullish, and as soon as the pair jumps above pattern's resistance and we will see a confirmation from trading volume, the pair will be able to perform another rally.
© Dukascopy Bank SA
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