EUR/NZD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a period of relative stability observed during the last three months of 2014, the Euro started quickly losing ground against the kiwi. As a result, EUR/NZD is now forming a downward channel, and yesterday we also pointed out a possibility of the pair forming a broadening falling wedge. At the moment the rate is moving north, but the rally is highly unlikely to extend by more than 100 pips, being that the upside is limited by a number of tough resistances, including the 200-hour SMA and a multi-week down-trend (connects Jan 5 and Jan 14 highs). However, an overwhelming majority of the SWFX market participants are long the Euro, namely 75% of them.
© Dukascopy Bank SA
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