NZD/USD 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a break below the bottom trend-line of the year-long channel up pattern, NZD/USD retraced from the broken level to potentially extend the slip into more negative territory, and the 200-day SMA at 0.7053 could serve as the immediate ground, opening up 0.6927/6903 for tests if broken. The May low at 0.6694 could provide some decent demand pressures or even lead to a bounce, meaning that we will be looking for signals when the pair approaches the area. With uncertainty taking over markets amid the Italian referendum vote, a surge cannot be eliminated, but will likely be capped by 0.7174/97 where a set of indicators cluster.
© Dukascopy Bank SA
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