NZD/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Throughout the last three months, NZD/USD has been able to appreciate indefatigably and recently has hit a three-year high of 0.8838. In fact, the latest part of the advance represents not a set of chaotic moves but a distinct upside developing between two upward-sloping lines.
Currently, the pair is facing mild losses that followed a jump to the recent high. Meanwhile, according to the SWFX data, the weakness may persist in the hours to come – about 58% of all orders are placed to sell the pair – that coupled with the fact NZD/USD is trading near the lower boundary of the pattern, means a bearish exit is possible.
© Dukascopy Bank SA
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