NZD/USD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of February NZD/USD appears to have been forming a bullish channel. And while in the short run the currency pair is likely to preserve the momentum and move upwards, the medium-term outlook is bearish, given that the price is approaching the upper edge of the pattern. Once the Kiwi touches 0.9046, it will be expected to turn around and head towards a cluster of supports at 0.8513 (monthly S1, up-trend and 200-day SMA). In the meantime, neither the technical indicators, which are mostly mixed, nor the SWFX sentiment, which is strongly bearish (72% of positions are short), support the idea of long-term appreciation of the New Zealand Dollar.
© Dukascopy Bank SA
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