NZD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite lower opening levels of the first trading session this week, the Kiwi showed ability to grow in value and consolidated above the 55-hour SMA at 0.6452. It proclaims that the short-term perspectives are mostly bullish; however, we expect a correction when the pair touches the pattern's upper edge at 0.6490. This mark is strengthened by 100-hour SMA. Moreover, it seems that 4H and daily technical indicators support a long-term decline in the future. On top of that, the SWFX market continues to assume that the New Zealand Dollar is overbought, as 63% of all positions are long. Any selloff will be initially forecasted to reach the weekly S1 at 0.6371, followed by the green trend-line at 0.6353.
© Dukascopy Bank SA
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