NZD/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The current pattern was formed as a result of depreciation of the Kiwi against American dollar since the mid-January. This tendency is expected to continue in the foreseeable future, given the fact of US currency's broad strength in course of last couple of months across the board. Bearish sentiment on the New Zealand's currency is supported by technical indicators in both short and long-term, as they are giving confident bearish signals. Moreover, the pair is currently facing a strong resistance represented by the monthly S2 at 0.7471, which will try to hold bulls from pushing the pair upwards. Meanwhile, traders remain rather neutral with respect to the cross (53% bullion vs 47% bearish).
© Dukascopy Bank SA
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