NZD/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
We hold a bearish outlook on the New Zealand Dollar this week. The currency pair has recently broken through the long-term moving average and formed a descending channel. The near-term rallies are to be capped by the falling resistance line at 0.9426, while the target is the December 15 low at 0.9242. However, the upside risks are not negligible. First, most of the daily technical indicators are giving ‘buy' signals. Secondly, the Kiwi is oversold in the SWFX market, being that 73% of positions are already short. Above 0.9426 will likely aim for the 200-hour SMA at 0.9468 and the weekly PP at 0.9491. Additional resistance is at 0.9546/33, created by the December 31 high and weekly R1.
© Dukascopy Bank SA
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