EUR/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The common currency has been losing value relative to the New Zealand Dollar since the very beginning of February, and, unlike in the EUR/PLN pair, there are no signs of a potential reversal just yet. Right now the price is undergoing an upward correction, but the rally should soon be stopped, assumingly at 1.46, where it is going to meet the upper boundary of the channel. We then expect the rate to descend through the support level at 1.43 towards 1.41. At the same time, the technical studies are generally pointing south, though the SWFX traders seem to be optimistic with respect to EUR/NZD, being that 63% of open positions are currently long.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.