EUR/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment EUR/NZD is consolidating just above 1.6225, but eventually the currency pair is expected to erode the tough support level. This will pave the way towards 1.5819, namely the lower boundary of the bearish channel.
However, the longer-term technical indicators are mostly pointing upwards, meaning we should not rule out a bullish break-out. If the price closes above 1.6450, the first target will be the monthly PP and weekly R2 at 1.6670, followed by the Oct 21 high at 1.6955 and 200-period SMA at 1.71. Meanwhile, the sentiment in the SWFX market is distinctly bearish, being that 60% of open positions are short.
© Dukascopy Bank SA
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