NZD/USD 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In addition to the bearish channel on the four-hour chart of NZD/USD reviewed a little earlier today, there is a downward-sloping channel emerging on the daily chart as well. However, this pattern warns of the increasing risks of long-term shorts, even though the daily and monthly technicals show otherwise. The reason is that we are approaching the lower trend-line, and soon there is likely to be a rebound, potentially into the region of 0.73-0.74, where the price may well meet the falling resistance line and 200-day SMA in the future. Meanwhile, the distribution among the bulls and bears is slightly skewed in favour of the former, perhaps in anticipation of a test of demand at 0.6725.
© Dukascopy Bank SA
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