NZD/USD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar is at an important moment against the US Dollar. The reasons for that are various. The rate recently reached the lower trend line of a short term ascending channel pattern, which implies an incoming rebound. However, it is more likely that the support line will be passed. That is likely to occur due to the fact that on a medium term the rate is in another ascending channel, and the pair recently reached and bounced off the upper trend line of the pattern, which was strengthened by the 38.20% Fibonacci retracement level. Due to that the rate is set to move even lower.
© Dukascopy Bank SA
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