NZD/USD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Lately, NZD/USD has been recovering from the decline that took place from July to October. However, more recently the currency pair has formed a 184-bar long bearish channel.
The Kiwi has reached the upper boundary of the pattern, thus the strength the resistance line is tested. However, there still is a increased risk of a bullish break-out. One of the indicators of that are the 4H and daily technical studies that are pointing to the north. The biggest obstacle for the pair has been to breach the psychological level at 0.80; although, that remains the target. Nonetheless, it is possible that the pair will slip towards the 0.79 mark before forming an attack towards 0.80 level.
© Dukascopy Bank SA
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