NZD/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a breach of the moving average for 200 hours NZD/USD has been rising in an orderly manner, namely respecting two parallel trend-lines. Accordingly, the currency pair has formed a bullish channel on an hourly chart with the upper boundary at 0.8440, which is reinforced by the daily R2, and with the lower boundary at 0.8375, which in turn is strengthened by the daily S1.
Judging by the hourly and four-hour technical indicators, the New Zealand Dollar is likely to continue appreciating relative to the U.S. Dollar. However, in the SWFX marketplace only 30% of traders are holding long positions on the currency pair.
© Dukascopy Bank SA
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