NZD/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A drop to a five-month low of 0.8051 helped NZD/USD to accumulate enough strength to start a long-lasting advance. While appreciating, the pair commenced formation of the channel up pattern late February and has been fluctuating between the tunnel's trend-lines up to now.
In the foreseeable future, NZD/USD is likely to widen the distance from the recent peak of one-year high at 0.8604 as over 63% of market participants are bearish on the pair. Meanwhile, technical data is sending ‘buy' signals for the medium term but is neutral for short and long terms.
© Dukascopy Bank SA
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