NZD/USD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pace of Kiwi's depreciation has recently decelerated, but the bears remain in full control. In the short run, however, we are likely to see a rally. NZD/USD is expected to confirm support trend-line and begin an upward correction within the channel. The rise should not extend beyond the upper edge of the pattern at 0.67. The latter level is also reinforced by the weekly R1 and Aug 21 high. At the same time, if 0.64 is violated, there should be an immediate sell-off down to 0.6350, with the next target at 0.6150 (monthly S3).
The SWFX market participants seem undecided: 48% of open positions are long and 52% are short.
© Dukascopy Bank SA
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