© Dukascopy Bank SA
We expect the demand for the Kiwi to resume shortly, as we are approaching a substantial cluster of support levels in the area between 0.8943 and 0.8920. This demand consists of the weekly pivot point, daily S1 and 100/55-hour SMAs. Judging from medium and long-term technical indicators, a recovery of NZD/CAD is quite likely to take place in the next 24 hours of trading. As for the market sentiment, bullish and bearish positions are equally divided between SWFX traders at the moment. On the other hand, in case the failure dominates the near term development and NZD/CAD slumps below 0.89 (trend-line), we will see the closest support offered by 200-hour SMA/weekly S1 at 0.8840/07.
© Dukascopy Bank SA