NZD/USD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/USD received a strong bullish impulse after encountering the support at 0.84 on Jun 4. Since then the currency pair has been in the up-trend, and it seems to be ready to advance even further.
Just recently the kiwi has touched the lower up-trend of the channel and thus should now head towards the upper edge of the pattern at 0.8835. However, the rally will have to overcome some of the tough resistances, such as the ones at 0.8752 (daily R1 and Jun 18 high) and at 0.8786 (daily 2 and May 6 high) before meeting it. In the meantime, the sentiment is distinctly bearish—71% of open positions are short.
© Dukascopy Bank SA
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