GBP/NZD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is simultaneously trading in three various channels against the New Zealand Dollar, as the currency exchange rate has been depreciating for the past few weeks. On a large scale the pair is in an ascending channel pattern, and the two other patterns are directing the pairs bounce off from the dominant patterns resistance line. Most recently the currency pair passed the resistance put up by the 200-period SMA and began a short term surge in the borders of the two minor patterns. It is most likely that this surge will continue in the upcoming trading sessions. The forecast is also consistent with the SWFX market sentiment, as 63% of open positions are long, which indicates that there is still room for an upward movement before the rate changes its direction.
© Dukascopy Bank SA
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