NZD/USD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar has been losing value against its American counterpart since April 29, even though the present downward channel pattern has already started to emerge a week before that date. Now the pair is moving in the direction of the lower trend-line, which is strengthened by the weekly S2 at 0.7207. In case the Kiwi violates the weekly S1 at 0.7342, this support will become the next target for pair's bears. Judging from signals that technical indicators are currently sending, the cross's sell-off may continue both in short and long-term. At the same time, SWFX traders are not unanimous on pair's perspectives, and bears' advantage (51%) over bulls (49%) seems to be only marginal.
© Dukascopy Bank SA
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