NZD/USD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar commenced its retreat against the U.S. currency only after it approached a three-year high of 0.8778 early May. The decline has been performed inside the 70-bar long channel down pattern that sent NZD/USD to a one-month low of 0.8530.

Now the pair is sitting at the recent low but it is likely to bounce off this level before long given that more than two thirds of market players on the SWFX are bullish on the pair. If these expectations materialize, NZD/USD will try to penetrate 0.8544/50 (daily PP, R1; four-hour R1, R2) that if overcome will push the next cluster of resistances at 0.8555/8 (daily R2, R3; four-hour R3) to the fore.
© Dukascopy Bank SA
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Mon, 26 May 2014 06:56:09 GMT

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