NZD/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Thanks to a support lent to NZD/USD by a steep bullish tunnel, the pair managed to attain a three-year high of 0.8711, close to which it is trading now. The pattern, despite being relatively short, only 53-bar long, has both quality and magnitude above average, adding to probability that it will continue to push the pair higher.
Currently, the SWFX numbers show that market players are not univocal, with the proportion of long to short positions being almost 1:1. At the same time, technical indicators are sending a definite 'buy' signal only for the medium-term, being neutral for short and long terms.
© Dukascopy Bank SA
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