NZD/USD 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
New Zealand Dollar has been appreciating versus its American counterpart since September, however, after reaching a high of 0.8544 on October 22, the pair entered a period of consolidation and since then NZD/USD has been bounded between 0.8414 ad 0.8182. Despite U.S. Dollar's significant appreciation after FOMC minutes, the pair still is expected to head to the south. This idea is supported by technical indicators on 4H and daily charts. However, in a longer-term, the continuation of the uptrend is anticipated, as indicators on a weekly chart are sending "buy" signals. Hence, the pair is likely retest pattern's support first, and then move to earlier highs around 0.84.
© Dukascopy Bank SA
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