NZD/CAD 1W Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
There soon may open up an opportunity to go long the New Zealand Dollar. The currency has been preserving the bullish momentum since the beginning of 2009, and right now it is approaching the lower boundary of the upward-sloping channel at 0.86. The positive outlook is also reinforced by the fact that 0.86 is strengthened by the 2014 low and 200-week SMA. However, and this is important, we should also be wary of the fact that NZD/CAD could be forming a double top pattern, which contravenes the base case scenario. Therefore, it is critical to make sure that the market continues to respect the support trend-line. Otherwise, instead of the up-trend at 1.02, the target will be the 2013 low at 0.80.
© Dukascopy Bank SA
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