NZD/USD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Downward-sloping trend-line of the current pattern suggests that the Kiwi is going to lose value in the long term. However, in the short term we expect a rebound to take place, and this idea is supported by technical indicators on 1H and 4H time frames. Moreover, traders are holding bullish positions in 54% of all cases. Recovery above 200-hour SMA at 0.6629 is necessary, in order to reopen the upper boundary for bulls. There we assume that a new round of sell-off will begin, while losses are likely to extend down to the 0.64 area next week. Meantime, long term bearish views are supported by daily technical indicators, while the total volume of trading remains quite low for the moment.
© Dukascopy Bank SA
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