NZD/USD 1D Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Kiwi-greenback cross has been trading in a 420 pip range (gap between the pattern's support and resistance) for the past three months. At the moment it seems to be forming a bottom after a bounce from the pattern's support. Fibonacci retracements (end of April to end of June move) appears to have significant impact on the pair. Short term technicals suggest a bearish breach, however, we can see that quite a few individual technicals give neutral outlook suggesting that the pair could remain hovering above the pattern's support. Long term technicals point at the recovery of the pair and this signal seems to be much more robust.

© Dukascopy Bank SA
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