EUR/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In mid-June the rate at which Euro appreciates against the Kiwi slowed down. Nevertheless, the outlook is bullish towards EUR/NZD. The first reason is that the currency pair has recently formed an upward channel. Secondly, the market respects the long-term moving average that acts as support. Thirdly, the daily and weekly technical indicators are mostly pointing upwards. During the next week we expect the price to rise up to 1.69, while a cluster of supports around 1.6454, created by the up-trend, 200-period SMA and weekly S1, must remain intact. The SWFX traders seem to have a different opinion. Right now 67% of them are holding short positions.
© Dukascopy Bank SA
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