NZD/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Kiwi is encountering the 200-hour simple moving average line at 0.6576, which is guarding the bullish pattern's lower boundary at 0.6529. We expect a recovery to start from any of these technical levels, given that bearish activity has been waning over time. Moreover, daily studies are giving an aggregate signal to acquire the New Zealand currency. Market sentiment is completely flat for the moment, meaning we cannot rule out a swing to the downside. In case the losses are prolonged beyond the green line, the first support to meet the cross will be placed at 0.6468 (weekly S1), followed by the January low at 0.6347. Alongside, the bulls are aiming at the weekly R1 and pattern's upper edge at 0.6772/91.
© Dukascopy Bank SA
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