NZD/USD touched its support level around 0.8086 and has formed a Channel Up pattern on the 4H chart. The formation has 60% along with 62% magnitude within 155 bars.
The formation started on March 19 and its 155-bar length increases the reliability of the pattern. The price was capped at 0.8287, then at 0.8318, after it fell to the support level around 0.8087. Most of the indicators give bullish signals on the 4h chart, which increases the possibility of possible price recovery. If the price increases, the initial target for long-traders could be around 0.8244 where the previous local high lies.
Present bias on the 4H chart is bullish, while on 1D and 1W it is neutral, which shows uncertainty in the pair's long-term trend. Alligator indicator together with SMA200 line confirm pair's downtrend on the 4H timeframe. If the price decreases, bears could pay their attention to the key level around 0.8096. If the price breaches this level, the first target for short-traders might be around 0.8054, near the two-month low.