EUR/NZD 4H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Regardless of the pattern EUR/NZD is currently forming (either symmetrical or descending channel), the risks are considered to be skewed to the downside. Apart from the figure the sell-off is also implied by the technical indicators both in the four-hour and daily charts. In addition, 61% of positions presently open in the SWFX market are long, meaning there is plenty of room for new sellers to execute their trades and drive the price lower. The main obstacle for the decline from here is at 1.5840, represented by the lows seen in November and December of the previous year. If this support is breached, the next target is to be 1.5660/40, namely a combination of the weekly and monthly S3 levels.
© Dukascopy Bank SA
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Tue, 21 Jun 2016 12:32:05 GMT

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