NZD/USD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Although the NZD/USD currency pair has been trading in accordance with fundamental events on both sides of the pair in the past few weeks, from a technical perspective there have been some new developments. The currency exchange rate recently hit the resistance of a long term descending channel and bounced off of it after two attempts to break the resistance line. Due to the resulting decline the rate has reached the support of the 61.80% Fibonacci retracement level at 0.6984 level. If the retracement level is passed, the rate is most likely going to decline even further and reach for the hypothetical lower trend line of a medium term ascending channel pattern just above the 0.69 level.
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