EUR/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering that EUR/NZD has recently surpassed one of the major 2014 highs (Sep 29), the pair may well keep advancing further north. The positive outlook is also implied by the well-defined bullish channel and technical studies. However, at the moment the upside is limited, since the up-leg is already entering the ending phase. In the near term the Euro is expected to rise up to 1.70, where the rally should be capped by the resistance line, monthly R3, and 2013 Dec high. From there we are likely to see a decline back towards 1.64. In the meantime, the sentiment of the SWFX market is strongly bearish, being that almost three fourths of open positions are short.
© Dukascopy Bank SA
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