NZD/USD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the recent (June 23) test of the upper bound of the bullish channel that originated in mid-2015, NZD/USD managed to find solid support at 0.6970. From here, the currency pair formed an ascending channel, which is set to develop further, considering a plethora of bullish technical indicators. The positive bias is further reinforced by the positioning among the SWFX traders, 74% of whom are currently holding shorts. Accordingly, we expect the Kiwi to keep appreciating, until the price reaches the major resistance line at 0.7280, and then it will most likely breach the lower bound of the short-term channel. In the meantime, the downside is presently defended by this trend-line at 0.7150.
© Dukascopy Bank SA
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