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EUR/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The common European currency is in a channel up pattern against the New Zealand Dollar, as it has rebounded against a low level of 1.5398, at which the pair has not been since May 2015. At the moment, the currency exchange is at 1.5535 level by 10:15 GMT on Wednesday, and it is moving lower to the pattern's lower trend line at 1.5514. The pattern's lower trend line is supported by the 55-period SMA at 1.5488 and 100-period SMA at 1.5516. About 100 pips below the trend line is located the weekly S1 at 1.5417. However, the currency pair is already oversold, as 72% of open SWFX positions are short.
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07 Jul 2016

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