NZD/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The upward correction of NZD/USD in the bearish market took the form of a bullish channel. Looking at the four-hour and daily technical indicators, there is still some momentum left. The pair may well find support near 0.75 and attempt to recover to 0.77.
However, the risks in the longer term are heavily skewed to the downside, as evidenced by the studies on the weekly time-frame and a 18.45% drop in NZD/USD between July and January. Meanwhile, the SWFX market participants appear to be undecided with respect to the New Zealand Dollar, being that the amounts of long and short positions are currently equal.
© Dukascopy Bank SA
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