NZD/USD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the fact that the pair was able to breach the boundaries of the channel up pattern for several times, the NZD/USD currency pair still has a very high quality indicator (69%) and is trading between two trend-lines right now. The kiwi has recently breached a significant support level, represented by the monthly S1 level at 0.8366. Despite the high possibility of the pair in reaching the lower boundary without any major problems due to lack of support levels, technical indicators are neutral, while market sentiment is strongly bullish (60%). We assume that due to these facts, the lower boundary, together with the weekly S1 at 0.8294 will be able to push the pair to trade higher.
© Dukascopy Bank SA
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