NZD/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having found strong support at 0.7420 on Apr 13, the New Zealand Dollar has been strengthening relative to its US counterpart lately. However, right now NZD/USD is undergoing a bearish correction. This short-term sell-off is expected to end near 0.7568, and a new attack on the Apr 3 high at 0.7630 should follow soon. Once this mark is overcome, the next serious obstacle will be represented by the Mar high at 0.77. On the other hand, if demand at 0.7568 proves to be weak, the pair will have a chance of rebounding from 0.7547, while a deeper decline will most likely extend down to 0.7422, namely to the Apr 13 low together with the weekly S2.
© Dukascopy Bank SA
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