EUR/NZD 30M Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Draghi's speech on Monday caused EUR/NZD to return inside the bounds of the descending channel it had apparently falsely broken on Monday, suggesting that the downtrend is still in power. Currently ranging, the pair is about to hit the upper trend-line of the pattern at 1.5353, if the consolidation is extended. The violation of the 1.5-month uptrend, either part of a channel or a wedge, adds ground to the prolonged weakness on the four-hour chart. There is little demand below 1.5336 and above 1.5285, meaning that when this area is invaded, we will look for a smooth slide towards 1.5285/4, the bottom trend-line of the channel. If, however, the correction extends and the upper trend-line is reached, 1.5238 would be a more feasible target for tests of the bottom trend-line.
© Dukascopy Bank SA
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