EUR/NZD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although EUR/NZD has been vacillating between the limits of a wide bearish channel since early May, now the pair seems to be in strong enough to break these chains.
Since May 21, the instrument has not moved far from the upper boundary of the channel and now EUR/CHF is trading only 10 pips lower than the corridor's trend-line. Supporting the bullish outlook, the SWFX data reveals that over 63% of traders believe the single European currency may appreciate against the kiwi in the hours to come. Meanwhile, technical indicators are sending mixed signals, pointing to a possible rally in the short-term but warning about a weakness in the long-term.
© Dukascopy Bank SA
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