NZD/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There are currently many signals suggesting the New Zealand Dollar is going to keep underperforming its US counterpart. The main reason to be bearish the Kiwi is because NZD/USD has just broken through the 200-period SMA to the downside and confirmed resistance at 0.7550. Auxiliary signals are provided by the fact that there is a falling channel emerging on the four-hour chart and most of the indicators are pointing south. The near-term rallies should be capped by the resistance line at 0.7450, while the currency pair erodes support at 0.7330, as the target is the lower boundary of the pattern at 0.72, where it merges with the March low and monthly S2 level.
© Dukascopy Bank SA
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