EUR/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The signals on EUR/NZD are mixed. From one side, the outlook should be bearish, considering that the pair has formed a descending channel and a majority of the technical studies are pointing south. At the same time, the bears are facing a major challenge, namely the 11-month trend-line just above 1.63 dollars, and it does not seem to be willing to give in to the sellers. In any case, the short-term outlook is bullish. The rate is expected to leave the demand area around the level of 1.63 and head towards the upper edge of the emerging pattern at 1.6940. If the price closes above this resistance, the rally will likely extend by 300 pips, namely up to the January and February highs at 1.7280/30.
© Dukascopy Bank SA
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