NZD/USD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a failure to prolong the rally that was developed in September and October beyond 0.8544, NZD/USD came under heavy selling pressure that continues to constantly push the price lower. As a result, there is a channel down pattern emerging on the chart that indicates a heightened possibility of a long-term depreciation of the New Zealand Dollar. In the meantime, taking into account the current position of the price (just below the formidable supply zone implied by the 200-period SMA, weekly PP and the down-trend line) the near-term outlook is also bearish, even though some of the daily and weekly technical studies are pointing upwards.
© Dukascopy Bank SA
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