NZD/CAD 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
This a good time to trade NZD/CAD as the pair has recently broken through the lower boundary of the rising wedge pattern formed in early January. The likelihood that the breakout is real is high given weakness of the pair after it failed to re-approach a six-year high of 0.9286. If the pair extends its slump and plunges beneath a cluster of support lines at 0.9071/14 (daily S1, S2; four-hour S2, S3) we may observe an accelerating decline. The next level capable to mollify downside pressure sits at 0.8986/42 (daily S3; 200-hour SMA) and if pair dives under this mark, deep sell-off appears inevitable.
© Dukascopy Bank SA
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