EUR/NZD 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A channel pattern led EUR/NZD down, closer to ten-year lows of 1.4042 which were approach once before in 2015. The current down-wave is likely to hitch immediately at the resistance of 1.4887, and set an ultimate target around 1.4493, which is likely to then lead to a short-term bullish outburst shifting the goal to the upper trend-line of the pattern. There is little to hold onto when it comes to levels below, due to the remoteness of the area. With supply pressures stemming from various time-frame SMAs, the bearish motion will be assisted by several other technical indicators, giving no reason to doubt it until 1.4042.
© Dukascopy Bank SA
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