NZD/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The NZD/USD currency pair has been trading within the borders of an ascending channel since the middle of March. The pair recently confirmed the upper trend-line and is now undergoing a bearish correction towards the channel's support line. However, according to technical indicators, the Kiwi is set for a period of consolidation for the whole week and is unlikely to reach the 0.6750 level by week's end. The New Zealand Dollar appears to be struggling to climb over the 200-hour SMA, which is bolstered by the daily PP and today also by the 100-hour SMA. In case the bearish scenario prevails, strong demand cluster around 0.68 is to limit sharper dips. Market sentiment, however, is bearish, with 56% of traders hold short positions.
© Dukascopy Bank SA
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