NZD/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
After testing the 0.6882 area twice, NZD/USD set it as its target once again and formed a channel down pattern to lead the motion. The pair has tested the upper trend-line last, suggesting that the target has shifted to 0.6960, the lower bound. There are, however, still several demand levels on the way at 0.6969 and 0.6942, respectively. We will look for the pair to almost definitely stay above the bottom Bollinger band which rests just below the channel line at 0.6959. Downside potential is likely to be cut at 0.6882, the aforementioned senior resistance.
© Dukascopy Bank SA
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