NZD/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a climb to a three-year high of 0.8778, the New Zealand Dollar reversed its trend against its U.S. counterpart and entered a steep channel down pattern.
After vacillating between two downward sloping lines during more than a month, the pair demonstrated willingness to exit the tunnel. Now NZD/USD is on the verge of a breakout since it has already reached the upper limit but it has not settled above this important mark yet. Market players are bullish-61% of all orders are placed to buy the pair, implying that the breakout may be real and may provoke a rally of the instrument in the nearest future.
© Dukascopy Bank SA
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