NZD/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the short run the Kiwi is bearish, as it has just bounced off of resistance line, but in the longer-term perspective we consider the outlook to be positive. NZD/USD is expected to end the current downward correction near 0.67 and then resume the rally the pair started in mid-November. After surpassing the December 15 high the next potential target could be 0.69, namely the October high. On the other hand, in case of a dip through 0.67 the bulls will still have a good opportunity to recuperate around 0.66, being that this support is created by the weekly S1, monthly PP and the long-term moving average. At the same time, the New Zealand Dollar is oversold—62% of open positions are short.
© Dukascopy Bank SA
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