NZD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The current upward movement of the NZD/USD pair is approaching to the bearish correction territory, after it has managed to bounce back from the lower edge of the descending channel. The initial target is set at 0.6375, while the stronger cluster of demand levels is located around 0.64, represented by daily R2 and the upper trend-line of the pattern. Therefore, we expect the currency pair to continue fluctuate within the boundaries of the bearish channel. The short-term and medium-term technical indicators retain our views, mostly sending "sell" signals. The first obstacle for the bears lies at 0.63 (Daily PP; Daily S1). At the same time, 62% of all open positions are long right now.
© Dukascopy Bank SA
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