Since October the NZDUSD quotations have been moving in an upward trend and have taken the shape of a channel. The price is currently in the range of the Thursday’s candle forming the Inside Bar formation. It is worthwhile to observe this pair and join the direction of the breakout from this pattern.

NZDUSD Daily – Inside Bar in a growth channel

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NZDUSD H4 – price near a trend line

Analyzing the situation in H4 chart we will notice that being in a few days of consolidation, the price has come close to the local downward trend line (intermittent), which can give an impulse to move up. The nearest supply zone of 0.6450 may be the first target of demand. The upward scenario can only be negated if the price leaves the IB below.

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