NZD/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though the value of the New Zealand Dollar managed to stabilise following a precipitous decline between July and September, the bears remained in control of the currency. As a result, NZD/USD formed a down-sloping channel. 
However, a recent bullish correction within the pattern did not reach the upper trend-line, but turned around at a new resistance that connects Nov 18 and Dec 1 highs and broke out of a triangle Dec 8-23) to the downside. Apart from this, the near-term bearish outlook is also reinforced by the technical indicators, meaning the Kiwi is likely to visit and even renew a low at 0.76 in the coming weeks.
© Dukascopy Bank SA
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