NZD/USD 1D Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD has recently broken through a major resistance line and formed an ascending channel. Our outlook on the currency pair is therefore bullish. The New Zealand Dollar is expected to confirm the support up-trend at 0.68 and begin a new wave within the pattern. Under this scenario the rate will surpass the April high and top out near 0.71.

Alternatively, in case the price slips under the trend-line and the monthly S1, the sell-off may extend through the monthly S2 and down to as low as 0.6570, namely the March low. As for the SWFX market participants, the traders appear to be undecided—52% of positions are long and 48% are short.
© Dukascopy Bank SA
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