NZD/CAD 1H Chart: Symmetrical Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
It could be time NZD/CAD enters a trending market, putting an end to the ranging September motions by entering a symmetrical triangle. The 0.4% advance might be enough for a retracement, suggesting that a slip could be limited by 0.9533, the upper boundary of the triangle. On the other hand, a micro retracement could already be undergone on October 3 21:00 GMT, which would mean that the rally extends immediately – a scenario backed by the fundamental nature of the 2 AM slide. Gains will be cut at 0.9582 with further risk at 0.9593/9616 which the pair could sail through with just a hitch. In a different scenario the rate could continue tests of 0.9574 and bounce in between the weekly and monthly Pivot Points at 0.9573 and 0.9582 respectively. We do, however, remain in favour of the retracement.
© Dukascopy Bank SA
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