NZD/USD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a 20% year-long surge, NZD/USD exited the channel up pattern to the downside mid-November, and is currently on its way to retrace from the broken trend-line. The pair will immediately encounter 0.7112 and 0.7167, represented by 20-day SMA and monthly Pivot Point before it attacks the targeted area which is strengthened by a cloud resistance. A death cross formation of 100 and 55-hour SMAs confirms that the surge will not extend after the broken level is reached and suggests that the pair will take a dip towards 0.6994, which has proved as significant support over the last five months.
© Dukascopy Bank SA
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