NZD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the past 70 hours NZD/CAD has been trading in a distinct up-trend, covering in the process 170 pips. However, it seems the rally proved to be unsustainable, as evidenced by a breach of the lower boundary of the channel at 0.9432. Consequently, the kiwi is now set to decline even further, through the daily pivots down to the tough support at 0.9342. There the currency pair is expected to be stopped by the weekly PP and the 200-hour SMA. If, however, this is not the case, and the selling pressure persists, there will be another opportunity for the price to recover from the weekly S1 at 0.9277. In the meantime, the sentiment is explicitly bearish towards NZD/CAD—75% of open positions are short.
© Dukascopy Bank SA
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