NZD/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD found a bottom at 0.7737 and started a recovery that is now 50 bars long. Along the development of the channel up the 200-hour SMA slowed the advancement down at first, but eventually gave in, although it does not seem the currency pair is in a hurry to challenge some of the higher levels, such as the daily R1 at 0.8011 and the upper boundary of the formation at 0.8063. Still, the technical indicators on a 4H chart  in aggregate are bullish, suggesting the rally is not yet fully exhausted. Accordingly, the support at 0.7948 should soon send the price away, otherwise the positive outlook will be compromised.

© Dukascopy Bank SA
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