NZD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Kiwi's sell-off is very likely to resume in the nearest future, after a short period of recovery. The NZD/USD pair will encounter the pattern's upper boundary, which is strengthened by the daily pivot point from the downside and 55-hour SMA from the upside. Additional supply is offered by three technical levels at 0.66, which include 100-hour SMA and weekly pivot point. We expect losses to extend down to 0.6470 in the next 24 hours. Extra appreciation of the US Dollar may lead to a breach of the lower trend-line. Then we will watch the 0.6424 support (weekly S1) and 0.6317 (weekly S2) afterwards. Meantime, 54% of SWFX traders are preserving their bullish view on the Kiwi for the moment.
© Dukascopy Bank SA
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