© Dukascopy Bank SA
A little more than 150 hours ago the pace of New Zealand Dollar's appreciation vis-à-vis its U.S. counterpart decelerated, being that the 200-hour SMA, even though in the end it was breached, weakened the bullish momentum the currency pair received after touching 0.7737. A notable role in this slowdown played a rising trend-line, which is considered to be an upper boundary of the channel up. Pattern's lower boundary, however, appears to be less reliable, since it has considerably less confirmations. Still, the market is likely to respect both of them and continue pushing the price upwards, as suggested by the technical indicators on the four-hour and daily charts.
© Dukascopy Bank SA