NZD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Kiwi managed to escape a dense demand area at 0.6730/70, where the weekly pivot point and 100-hour SMA were among those levels that tried to prevent the current bearish trend. However, after crossing the daily S1 at 0.6719 the lead of bears is more pronounced. The weekly S1 and daily S3 are two next supports to be breached at 0.6664/57. In case bears push the price below them, this situation is highly likely to extend the sell-off beyond 0.66, in order to reach the pattern's lower boundary eventually. On the other hand, technical studies on four-hour and daily time-frames retain bullish views with respect to NZD/USD, meaning a recovery may start in course of the next 24 hours.
© Dukascopy Bank SA
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