NZD/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While forming a channel NZD/USD has almost completely erased the 400-pip decline made between Mar 4 and Mar 11, and the pair is likely to close the gap in the coming weeks. However, the short-term bias is bearish, being that the currency pair has just bounced off the resistance trend-line. Accordingly, we expect the weekly R1 at 0.7463 to act as a ceiling and the sellers to remain in control until the price descends to the 0.7350/30 area. Apart from the support trend-line, there the currency pair will be underpinned by the weekly PP and 200-hour SMA. At the same time, the sentiment of the SWFX market participants is strongly negative towards the Kiwi, being that 73% of open positions are short.
© Dukascopy Bank SA
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