EUR/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the New Zealand Dollar is set to appreciate against the Greenback, it seems the currency will underperform the Euro. The pair has just confirmed the lower trend-line of the channel, meaning we are highly likely to see a rally towards 1.7275, where the upper boundary of the pattern is reinforced by the January high. Alternatively, if the bears manage to push the price under the green trend-line, the February 11 low, the 200-hour SMA, and the weekly PP, the outlook will be changed to bearish with the new objective at 1.0515, which is the February 3 low. As for the sentiment, a majority of market participants prefer to hold long positions, namely 61% of them.
© Dukascopy Bank SA
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