NZD/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Starting from last year's October the rate of kiwi's depreciation moderated after a precipitous decline in the currency's value observed during the Jul-Sep period. At the moment NZD/USD appears to be in a upward correction that should come to an end near the down-trend at 0.7850, which is reinforced by the Dec 30 high. From there the pair will be expected to launch yet another attack on the support at 0.76, a breach of which is critical for further development of the pattern. Meanwhile, the sentiment among the SWFX market participants is rather neutral than bearish—46% of open positions are long and 54% are short.
© Dukascopy Bank SA
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