NZD/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD has managed to rebound from 0.66, thus keeping the bullish channel intact. However, the currency pair is now facing a tough resistance area at 0.6770/40, which consists of the weekly and monthly R1s in addition to the latest highs. Still, considering that the four-hour and daily indicators are pointing north, the price should eventually climb higher. If this is the case, the next target will be the upper edge of the pattern. At the same time, a close beneath 66 cents will imply continuation of the sell-off, potentially down to 0.6350, namely the January low. Meanwhile, the sentiment is on the verge of becoming bullish, as 55% of traders are long and 45% are short the Kiwi.
© Dukascopy Bank SA
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