EUR/NZD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The senior downfall that EUR/NZD took up in 2015 is still in power, pushing the pair south and forming an almost perfect channel down pattern. The rate is now testing the daily Pivot Point at 1.4761 and does not seem to be quick to push through. We expect the next target to lie around 1.4775, the upper boundary of the pattern, where it will send the pair packing again, most likely towards the bottom trend-line around 1.4684, where it is strengthened by the weekly Pivot Point and will be a tough target to dive under.
© Dukascopy Bank SA
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