GBP/NZD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After hitting the highest level since June 2012 on January 31 the pair began moving lower, forming a channel down pattern. This week, the pair touched pattern's lower boundary for the first time since February 12. Moreover, technical indicators on a 4H and daily chart are sending ‘sell's signals, suggesting there will be another attempt to penetrate pattern's support. Dukascopy traders (61%), however, a opening long positions, expecting the pair to appreciate. As long as the pair is trading below the daily pivot at 1.9364, the outlook is bearish. Therefore, short traders should focus on the weekly S2 and a recent low and 1.9152.
© Dukascopy Bank SA
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