EUR/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NZD seems to have bottomed out at 1.48 following a strong sell-off from 1.62 since mid-December. Now the pair has to respect the boundaries of the bullish channel it has formed, though the lower rising trend-line of the pattern still appears to be unreliable. At the moment the Euro is facing the resistance at 1.51 represented by the weekly pivot point, but the currency is seen as capable of rising beyond the Jan 22 high, namely to the upper trend-line at 1.55. However, the downside risks remain significant—most of the four-hour and daily technical indicators are bearish. Meanwhile, the SWFX sentiment is distinctly bullish—67% of open positions are long.
© Dukascopy Bank SA
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