EUR/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering that EUR/NZD has formed a bullish channel and most of the daily and weekly indicators are pointing upwards, being long the Euro is still reasonable. In the meantime, there is likely to be a sell-off from the upper boundary of the channel at 1.66 and down to the lower edge at 1.59 in the near term, as we expect a bearish correction before another up-move. If demand at 1.59 turns out to be insufficient, the next target will be the monthly R1 and weekly S2 at 1.58, followed by the 200-period SMA at 1.56. Despite the arguments in favour of a rally, the distribution between the bulls and bears is heavily skewed towards the latter, who take up 74% of the SWFX market.
© Dukascopy Bank SA
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