EUR/NZD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the end of February EUR/NZD has been in the down-trend. This allowed the currency pair to form a bearish channel with the resistance line at 1.6117 (reinforced by the weekly and daily R1 levels) and with the support line at 1.56.
Being that the formation itself assumes a prolonged decline and at the moment the price is fluctuating in the upper part of the corridor, the bias towards the Euro is strongly negative, even though the four-hour technical indicators are mostly bullish right now. The SWFX market on average also sees further weakening of the single currency—61% of open positions are short.
© Dukascopy Bank SA
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Fri, 11 Apr 2014 12:47:50 GMT

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