EUR/NZD 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Due to a dense supply area between 1.70 and 1.73 EUR/NZD was unable to extend the April-June recovery last year. Instead the Euro entered a down-trend, which implies long-term depreciation of the common currency relative to the New Zealand Dollar. However, despite the daily and monthly technical indicators being mostly bearish, right now the pair is undergoing an upward correction. If EUR/NZD manages to gain a foothold above the resistance at 1.60, created by the 200-day SMA and monthly R2, it will most likely carry on advancing further North, towards the major down-trend at 1.64, where the bears should once again regain full control of the market.
© Dukascopy Bank SA
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