NZD/USD 1H Chart: Channel Up

Since yesterday the Kiwi has been gradually losing value in its cross with the US Dollar. This development led to penetration of the weekly R1 and daily pivot point at 0.6509 and 0.6498, respectively. However, we expect this currency pair to resume growing soon, being that it is currently nearing the lower trend-line of the pattern at 0.6457. This level is in turn strengthened by the 55-hour SMA from above. Any unexpected failure here should find support at 0.6444/40, where daily S1 and 100-hour SMA merge together. Meanwhile, medium and long term technicals are pointing to the north at the moment. However, the majority (55%) of traders are still holding short trades on the New Zealand Dollar.