NZD/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD approaches an important milestone. The next major obstacle the currency pair must overcome in order to keep moving south is 0.6564, namely the lowest level since 2010. A test of this support is likely to trigger active buying, but we see the potential rally contained within the three-month bearish channel. Accordingly, the falling resistance line (currently at 0.6837 should act as a ceiling).
Meanwhile, the technical indicators are mixed across the different time-frames, and a distinct majority of the SWFX market participants are optimistic with respect to the Kiwi, being that as many as 70% of open positions are long.
© Dukascopy Bank SA
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