NZD/USD: 1-hour
Kiwi bears, watch out! NZD/USD’s drop might come to a halt since the pair has already reached the bottom of the ascending forex trend channel on its 1-hour time frame. Stochastic is indicating oversold conditions, which means that sellers might start to take it easy from here. If buyers take over, the pair could climb back to the top of the channel near the .8050 minor psychological resistance or at least until the middle of the channel at .7950. However, if selling pressure remains strong, a downside break is still possible and might be a sign that longer-term losses are in the cards.
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