© Dukascopy Bank SA
The NZD/USD cross is currently challenging the upper trend-line of the pattern; however, so far not successfully. To our mind the daily R1 together with the pattern's upper trend-line is quite a formidable resistance and most likely it will hold the Kiwi's bulls back. Therefore, we see the pair to continue its bearish trend. Meanwhile, the SWFX data fails to shed the light on the pair's future moves – the proportions of long and short positions are almost equal.
© Dukascopy Bank SA