EUR/NZD 30M Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/NZD stuck to the six-day downtrend it had abandoned for a few hours, and formed a channel down pattern by adding a boundary from the upside. The pair maintained a generally constant scope for its fluctuations, and the channel it follows takes up the bottom part of the Andrew's Pitchfork. We expect a movement north to attempt the upper trend-line around 1.4914 after overcoming 1.4898 and 1.4902 on its way. Various time-frame SMAs lie above the rate, meaning that decent supply pressures could help ultimately bring the rate to 1.4526 which represents the lower trend-line of a senior month-long descending channel pattern.
© Dukascopy Bank SA
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