NZD/USD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A jump to more than a five-month high on October 22 enfeebled the pair and expedited a sharp retreat that has been lasting for more than 72 hours already. Although the Kiwi started to fall against its U.S. counterpart on October 22, the channel down pattern started only on October 23 when the pair dived below its 200-hour SMA. The pair now is trading close to the upper limit of the pattern and considering that 71.74% of traders are bullish on NZD/USD, it seems possible that the currency couple may attempt to breach the pattern's boundary, the move which is likely to result in a breakout.
© Dukascopy Bank SA
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