NZD/USD 4H Chart: Descending Channel

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Prior to the US presidential election and the victory of Donald Trump Dukascopy team covered the ascending channel, in accordance with which the Kiwi traded against the Greenback. However, that pattern has been broken in the aftermath of the election, as the US Dollar strengthened. The medium scale pattern was broken by a descending channel, which most recently reached the massive large scale ascending channel pattern's lower trend line near 0.7070. Due to that, it is an interesting situation, as a possible rebound or a breakout is about to occur. In the case of a breakout, the rate is set to fall to the next support level, which is at 0.7020. On the other hand, as a result of a rebound, the pair would surge up to 0.7167, where the monthly PP is located at.
© Dukascopy Bank SA
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