NZD/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the middle of July, when the NZD/USD cross reached the highest level this year at 0.8838, the pair has been gradually declining. However, more recently, namely on 7th of November, the pair reached the lowest level this year embarking on a new upward trend.
The Kiwi is now targeting the 0.80 level, which is represented also by the weekly and monthly R1 at 0.7976/85. According to 4H and daily technical studies this mark will be reached; however, the weekly ones are strongly bearish, suggesting that in the longer term a retreat will continue. The SWFX traders' are more or less neutral on the pair with 51.84% of them being short.
© Dukascopy Bank SA
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