NZD/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Kiwi is undergoing a correction phase inside the bullish channel pattern at the moment. However, the pair's volatility seems to be quite high, which may cause a reversal of the negative trend in the foreseeable future. Moreover, we see the New Zealand Dollar facing strong supports around 10-15 pips below the spot price, namely 0.6347 at the moment of writing. Initial demand is represented by the 100-hour SMA and weekly pivot point at 0.6334/30, which is followed by the 200-hour moving average line and pattern's lower edge. On the contrary, both 1H and daily indicators are giving signals to sell the Kiwi against the Dollar, while market sentiment remains moderately bearish (57%).
© Dukascopy Bank SA
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