NZD/CAD 30M Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A high volatility consolidation led NZD/CAD to enter a rectangle from the upside. The pair has set resistance at 0.9505 and a ground at 0.9408, which it is likely to re-test on the current wave south. The rate is now struggling with the 100 and 55-period SMA confluence, strengthened by an Ichimoku cloud, which could make the dive flattish. In case the pair does not manage to push below the demand area, it could attack the upside boundary of the rectangle, hitching at 0.9476 and 0.9481 on the way. However, we see the pair falling with 0.9417 being the last obstacle that will steal some momentum before the ultimate ground.
© Dukascopy Bank SA

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