NZD/USD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The 200-hour SMA has not been letting the Kiwi to spike noticeably above it over the past three days. Lack of bullish strength is questioning any recovery prospects, also because the moving average line is reinforced by the weekly pivot point at 0.6848. Meanwhile, the 100-hour SMA has just crossed the 200-hour SMA to the downside, and this is going to make the bears relatively cheerful in the days to come. We are closely monitoring the lower edge of the channel up pattern at 0.6785, which is backed by the daily S1 today. Failure here would expose the April 5 low at 0.6759 and the weekly S1 at 0.6729. Alongside, to improve the outlook the New Zealand Dollar has to consolidate strongly above 0.6860.
© Dukascopy Bank SA
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