GBP/NZD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling has been doing well against the New Zealand Dollar over the first two days of this week. It has already gained more than 2% after the 200-hour SMA boosted the exchange rate 24 hours ago. All May 24 daily resistances are violated, meaning weekly supply levels are left alone on the battleground. The nearest one is the weekly R1 at 2.1768, and if GBP/NZD succeeds here, then the upside risk will grow dramatically. Daily technical studies support the rally. The upper trend-line of the channel is placed at 2.1880 and from here we estimate a fresh leg down. A correction scenario is backed by the fact that the SWFX market is getting overcrowded with the bulls (70%). 
© Dukascopy Bank SA
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