NZD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the daily S1 at 0.6303 today, bulls decided to stop a decline of the New Zealand Dollar versus its American peer. As a result of that, in the past several hours the cross regained around 60 pips to trade around 0.6355 at the moment of writing. The next closest resistance is represented by the daily R1 and pattern's upper boundary at 0.6380/90. There we expect the Kiwi to fail again and the bearish correction is likely to be resumed. This idea is broadly shared by technical indicators on 4H and daily time frames as they are giving negative aggregate signals. Moreover, there is a slight advantage among short open positions (53%) over the long ones (47%).
© Dukascopy Bank SA
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