EUR/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since late April, the single European currency has been in the down-trend versus the New Zealand Dollar and now there are no indications that the pair is willing to halt its depreciation in the forthcoming days. This is supported by various factors such as the SWFX sentiment-almost 56% of traders hold short positions and disposition of the SMAs-the short-term SMA at 1.6026 is on the verge of falling below the 200-bar SMA at 1.6024 thus creating additional drag on EUR/NZD. Technical indicators also are on the negative side-in a four-hour and one-week perspective the data recommends selling the instrument.
© Dukascopy Bank SA
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