NZD/USD 4H Chart: Channel Down

Despite the noisy trading period some week ago pair is developing in the ranks of a channel down rather well. We might see some short term rallies (as indicated by the 4H technicals), however, daily and weekly technicals point at a further depreciation of the pair suggesting it is rather likely to maintain bearish trend. Some worries might be coming from the fact that 62% of all open positions are long on the pair, but it is rather plausible that these traders are chasing some short term gains coming from bullish correction after the last weeks sell off.