NZD/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar is expected to keep appreciating against its US counterpart. The near-term losses are to be limited by the rising support line at 0.6750, which is reinforced by the weekly pivot point. If the price manages to close above December 22 high, the next target should be 0.69, where the October maximum coincides with the weekly R2 level. Downward correction will then be expected above 0.6950, where strong supply is implied by the weekly R3, monthly R2 and the upper boundary of the channel. Meanwhile, below 0.6750 the pair will gravitate towards 0.67. Additional demand area is created by the weekly S2 and monthly PP at 0.66.
© Dukascopy Bank SA
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