EUR/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Until now EUR/NZD has been trading in a low-sloped bullish channel after a large spike on Aug 24. However, we expect breakout to the upside in the near future. The main reason is a dense cluster of supports between 1.75 and 1.73, consisting of the multi-month up-trend (since April), 200-period SMA and others. A close above 1.8030 will confirm the breakout, and this will also pave the way toward the monthly R1 at 1.9292. At the same time a dip below 1.73 will imply a deeper selloff, potentially down to the August low at 1.6532, but the distribution between long (53%) and short (47%) positions reveals indecision among the SWFX traders with respect to the pair's future.
© Dukascopy Bank SA
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