NZD/USD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar has just bounced off the upper trend line at 0.7120 of a descending channel pattern against the US Dollar. At the moment, the pair has moved lower to trade at 0.7112, and it most likely will continue moving lower until it reaches the monthly PP at 0.7069. Afterwards, the pair would move even lower, until it reaches the lower trend line at 0.7043, supported by the weekly S1 at 0.7042. Daily average technical indicators support such a theory, as they indicate a fall in the next four hours and a surge afterwards for the rest of the day. However, there is not much room for movement down, as 74% of open SWFX positions are already short.
© Dukascopy Bank SA
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