NZD/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD has recently broken out of the long-term downward-sloping channel, but this did not change the bearish outlook. The 200-period SMA proved to be more than enough to stop the nascent recovery and prevent a reversal. As a result, the currency pair is now forming a new bearish channel with the upper boundary at 0.6680 and the lower boundary at 0.6460. The former level however, might not be reached, being that the long-term moving average implies resistance lower, namely at 0.6617. Meanwhile, the technical indicators are mostly bearish, and a majority (57%) of the SWFX traders is short the New Zealand Dollar against its North American counterpart.
© Dukascopy Bank SA
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