NZD/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
We are more or less convinced that the lower up-trend line (in green) is a reliable support, whereas there are concerns with respect to the upper boundary (in red) of the potential bullish channel. Accordingly, while there is a good chance that the New Zealand Dollar is going to leave the vicinity of the weekly pivot point at 0.8561, there is a notably smaller probability that the rally will come to an end near 0.87. Regardless, the near-term outlook is considered to be bullish. However, we must be wary that many of the SWFX market participants doubt the ability of the kiwi to appreciate, being that as many as 72% of them are currently holding short positions on NZD/USD.

© Dukascopy Bank SA
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