EUR/NZD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar is another currency, against which the Euro is gaining ground. The situation is almost identical to the breakout out of a triangle on the EUR/CAD pair. However, the common European currency confirmed once more the triangle's support line before the breakout occurred. At the moment, the currency exchange rate is in the middle of a support cluster, which is stopping the rate falling below the channel pattern's lower trend line. Due to that it still has to move out from the cluster before the pair will be on a clean path to the pattern's upper trend line combined with the weekly R2 exactly at 1.5570. SWFX trader sentiment is 64% short, which means that the rate might go either way.
© Dukascopy Bank SA
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