NZD/USD M30 Chart: Downside channel

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Source: Dukascopy Bank
© Dukascopy Bank SA
The pair has formed a downside channel on M30 chart. The pattern has 53% quality and 100% magnitude within 198 bars. Currently the price is fluctuating around the resistance level at 0.8182. According to RSI indicator the pair is overbought and rebound is possible. The first target for short traders is near 0.8088. In case of a breakout above a resistance level at 0.8183 initial bullish target will be near 0.8270.
© Dukascopy Bank SA
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