NZD/USD 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As the New Zealand Dollar is in the middle of its sixth consecutive session of gains against the US Dollar, it confirms, that the pair is in a channel up pattern on the daily chart. At the moment, the pair has confirmed the pattern's upper trend line at 0.7152 for the second time, and, in accordance with the pattern, the currency exchange rate is set to bounce off the trend line. In such case, the NZD/USD pair is set to move to the weekly R1 at 0.7113. However, aggregate technical indicators forecast, that the pair will remain unchanged today, and it is expected to surge during the rest of the week. In addition to that, the pair is oversold, as 74% of the total of open positions are short.
© Dukascopy Bank SA
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