USD/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A channel up pattern started five days ago, when NZD/USD dived below its 20-hour SMA to attain a two-month low of 0.7722. Having tested this important support, the pair changed its direction to climb towards a six-day high of 0.7842 that triggered a decline to 20- and 200-hour SMAs, the zone near which NZD/USD is struggling now. If the pair manages to jump above the region of 0.7820/34 (four-hour R1 and daily R1), an appreciation towards the next resistance at 0.7842 (six-day high) may be observable. However, if the pair loses its willingness to move higher, it is likely to drop under a daily pivot point at 0.7802 and may decline to the daily support at 0.7771.
© Dukascopy Bank SA
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