EUR/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After touching the upper trend-line of the bullish pattern on June 10, the Euro/Kiwi cross decided to trade sideways. The tendency persists at the moment as well, meaning that the pair is inevitably going to approach the lower edge some time in the future. However, a decisive move to the south is not off the table; however, the pair should violate the weekly pivot point and 100-hour SMA just below 1.60 in order to sustain the bearish trend. The negative scenario is broadly supported by the majority (74%) of SWFX market participants. At the same time, aggregate technical indicators are mostly positive, and the Euro may resume growing earlier than can be initially anticipated.
© Dukascopy Bank SA
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