NZD/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD still remains in a distinct down-trend after topping out around 0.7750 in April. Accordingly, we consider 0.6562 (2010 low) the multi-week target, but we are likely to get a bullish correction from 0.6725, where the monthly S2 level merges with the lower boundary of the channel.
In the meantime, the rallies are to be capped by the monthly S1 at 0.6918, but any close below 0.6978 (upper trend-line of the channel) is not going to invalidate the bearish bias. Nevertheless, right now there are more short positions in the market than there are long ones, though the advantage is not critical, only ten percentage points.
© Dukascopy Bank SA
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