NZD/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A short, only 62-bar long, channel up pattern was shaped by NZD/USD on November 11. Now the pair seems to be bounded not only by the pattern's lines but also by its SMAs that locked the pair in relatively narrow trading range. 50-bar SMA meanders slightly below the pair, representing a strong support, whereas 200-hour SMA is acting as the resistance that prevented the currency pair from appreciation for several hours already. According to the SWFX data, market players believe the pair will fail to break through its 200-hour SMA and may retreat to its short-term SMA in the nearest future as 61.90% of traders bet on depreciation of the pair.
© Dukascopy Bank SA
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