NZD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
This working week managed to provide bulls with major impetus, which is pushing the NZD/USD currency pair to the north. Positive performance has been especially noticeable after the midday on Tuesday. In case the pair jumps above the weekly PP at 0.7172, it will encounter the next resistance in face of the upper trend-line of the bearish pattern. Considering neutral technical indicators and a sluggish majority of bearish (55%) open positions over the bullish ones (45%), there are two scenarios possible. A violation of pattern's upper edge is likely to result in a climb up to weekly R1 at 0.7262 in the medium-term. However, downside risks remain in place until the boundary is not crossed.
© Dukascopy Bank SA
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