NZD/CAD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The falling wedge pattern on an hourly chart pair has been formed in the middle of the previous week. At the moment the pair is moving closer to the upper boundary of the pattern, changing hands around the weekly S1 level at 0.9191. Considering the nature of the pattern, the trading volume is decreasing along with the trading range, while the eventual break-out happens to the upside in 68% of all cases . At the same time, sentiment of the SWFX market is strongly bearish, being that 58.46% of all positions are short right now. We expect the downtrend to continue for the time being, also taking into account the cluster of resistance levels just above the current trading point.
© Dukascopy Bank SA
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