NZD/USD 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There are good reasons to be bullish on the New Zealand Dollar at the moment. The main argument in favour of stronger Kiwi is the fact that a month ago NZD/USD broke the 21-month resistance line to the upside, which implies a reversal. There is likely to be a sell-off in the near term, however, but it should prove to be a bearish correction within the developing channel, being limited by the pattern's lower boundary at 0.6720. In the longer term, the price is seen aiming for 0.7230, namely the monthly R2 and June 2015 high. Distribution between the bulls and bears supports a bullish view—40% of open positions are long and 60% are short.
© Dukascopy Bank SA
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