NZD/CAD 1H Chart: Trades within cluster

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3) Neutral Neutral Neutral
Alligator (13; 8; 5) Buy Neutral Buy
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

The NZD/CAD currency pair has been trading between the monthly S1 at 0.9079 and the Fibonacci 38.20% retracement at 0.8948 since the beginning of January.  

From a theoretical point of view, the general direction is expected to be south as the rate reversed from the upper boundary of the long-term descending channel at the beginning of December. Potential downside target is the psychological level at 0.8800. 

However, if given Fibonacci retracement holds, it is likely that the pair continues to trade within above-mentioned cluster.

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