NZD/USD 1H Chart: Channel Up

The pattern started when the pair rebounded from 0.7648 and after testing pattern's support levels at 0.7456 and 0.7840 it has slowed down at close to SMA200 around 0.7983 where the pair is currently trading. Technical indicators on aggregate point at bullish market development on the 1D outlook, indicating that the pair will continue to follow the general trend. Long traders could focus on  0.7998. If the pair breaches this level next target could be at 0.8034  and the recent peek at 0.8076.

Technical indicators on aggregate point at a bearish market development on the 1H and 4H time horizons indicating that the pair will try to breach pattern's support level. The current market sentiment, with clear majority of traders (80%) in sell side, supports the probability of such development as well.  Short traders could focus on the pattern's support level recent low at around 0.7980. If this level is breached, next target could be set at the daily support at 0.7972 (Fibonacci).