NZD/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD has been in a distinct up-trend since the mid-November, when it turned around after hitting 0.6430. The downside risks, however, have greatly increased recently. The currency pair is approaching a critical resistance level at the moment, namely the October high at 0.69. Above it the Kiwi should aim for the upper boundary of the channel at 0.70, followed by the June high at 0.7230. Alternatively, a failure here would imply a sell-off to the lower boundary of the pattern at 0.68, before there is another attempt to break higher. In the meantime, we should note that the New Zealand is far from being overbought in the SWFX market—60% of open positions are short.
© Dukascopy Bank SA
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