EUR/NZD 1H Chart: Channel up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NZD managed to abandon 1.4634, the two-year low and showed some decent bullish momentum immediately after the surge had extended. The pair changed the steepness of the motion for a few times before a channel up pattern conclusively emerged and led its movements for the whole previous week. The rate opened with a bearish movement on Monday and slipped to the middle of the pattern, squeezed in between 1.5428 and 1.5403, meaning that the bottom boundary could be reached by moving flat rather than breaking the immediate resistance. However, it could go either way – with a bottom boundary target at 1.5360 or 1.5403.
© Dukascopy Bank SA
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