NZD/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar is surging against the Japanese Yen in an ascending channel on the four hour chart. Meanwhile, there seem to be no larger patterns at work. However, by delving deeper into the currency exchange rates history, it can be seen that the pair is highly affected by the Fibonacci retracement levels, which are measured by connecting the 2015 high and low levels. Most recently the currency pair rebounded against a combined support level of the 38.20% Fibonacci retracement level and the ascending channel's lower trend line at 81.02. In addition, the currency pair is oversold, as 70% of open SWFX positions are already short, and that is another hint at an upcoming surge.
© Dukascopy Bank SA
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