EUR/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NZD appears to be forming a bearish channel, and if the currency pair finally closes beneath the long-term SMA, the bearish outlook will be confirmed. From below the potential losses are limited by the support trend-line, which is reinforced by the weekly pivot point. Another dense demand zone is supposed to be circa 1.6350 (Jul 1 low). In the meantime, the gains are to be limited by the upper trend-line at 1.6581, where it coincides with the daily R1. As for the attitude of the SWFX market participants, the traders are rather pessimistic with respect to the European currency. At the moment as many as 71% of all open positions are short.
© Dukascopy Bank SA
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Thu, 09 Jul 2015 12:27:06 GMT

NZD/USD 1H Chart: Channel Down

Despite the fact the Kiwi is currently rebounding versus the US Dollar inside the boundaries of the channel down pattern, the pair is highly likely to be rejected by the weekly pivot point in the nearest future. This resistance is placed just below the pattern's upper edge at 0.6750, and the Kiwi has already attempted to test this mark yesterday

Thu, 09 Jul 2015 06:15:47 GMT

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