EUR/NZD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A long but narrow channel down was formed by EUR/NZD on September 9 and it seems the pair will continue channelling down for some time. At the moment of writing the pair was approaching the upper trend line, however, according to the majority of aggregate technical indicators the price will push lower in the nearest future. Though, Stochastic on a daily chart is suggesting a turning point, raising concerns of a possible breakout. Nevertheless, at 1.63 the pair will face a strong resistance represented by a 200-hour SMA, under which the pair was moving since the formation of pattern. Meanwhile, indicators on weekly and monthly charts are "neutral".
© Dukascopy Bank SA
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