NZD/CAD 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 196-bar long rectangle pattern was formed by NZD/CAD almost two months ago. Recently, bulls made an attempt to penetrate the resistance line and even formed something similar to a double top, however, the pair moved back in pattern's boundaries and currently trading at 0.8281. The medium and long term technical are suggesting the pair is overbought already and will move to the south soon. As indicators on daily and weekly charts are sending "sell" signals, a move closer to the pattern's support line can be anticipated. Moreover, 73% of all opened positions are currently short.
© Dukascopy Bank SA
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