NZD/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 91-bar long channel up was formed by NZD/USD on January 9, however, the pattern can be completed soon as the pair is testing pattern's lower boundary. While technical are speaking in favour of pair's depreciation only on a hourly chart, other tools of technical analysis are pointing at U.S. Dollar's appreciation. Moreover, fundamental news can also easily push the buck higher. It is not clear on whether the pair will break the support line in a couple of hours, however, the fact 66% of pending orders in a 100-pip range placed to sell the pair, supports the case of pair's depreciation. While the outlook is bearish, the next key level for short traders is located around weekly R1 and daily S1.
© Dukascopy Bank SA
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