EUR/NZD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NZD appears to be forming a bearish channel, and if the currency pair finally closes beneath the long-term SMA, the bearish outlook will be confirmed. From below the potential losses are limited by the support trend-line, which is reinforced by the weekly pivot point. Another dense demand zone is supposed to be circa 1.6350 (Jul 1 low). In the meantime, the gains are to be limited by the upper trend-line at 1.6581, where it coincides with the daily R1. As for the attitude of the SWFX market participants, the traders are rather pessimistic with respect to the European currency. At the moment as many as 71% of all open positions are short.
© Dukascopy Bank SA
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Thu, 09 Jul 2015 12:27:06 GMT

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