NZD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Once the buying pressure that appeared near the 200-period SMA at the beginning of this year settled down, NZD/CAD started to trade within the boundaries of the bullish channel. However, the trend-lines forming it are still unreliable and need more confirmations in order to become accurate estimators of the potential reversal points.
Right now the New Zealand Dollar is moving away from the lower up-trend towards the resistance at 0.9316, from where we may expect emergence of a bearish correction. This is supported by the four-hour technical indicators, as five out of eight are presently giving ‘buy' signals.
© Dukascopy Bank SA
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