© Dukascopy Bank SA
Euro-kiwi has formed a formidable Channel Down pattern. Both pattern's key statistics, quality and magnitude are well above the average reading. As a consequence traders could expect significant returns from the pairs movement towards the pattern's support and momentum if/when the pattern's support or resistance is breached. Technical indicators point at further depreciation of the pair in the short and medium terms. The Stochastic in the same horizons suggest we could see some minor rallies, but overall, bearish, trend should maintain.
© Dukascopy Bank SA