The New Zealand Dollar has formed a rising wedge pattern against the Canadian Dollar as a result of a rebound. The rebound occurred when the pair encountered the support of a large scale dominant ascending channel pattern. In addition, the pair has shown historically that it is affected by the significance Fibonacci retracement levels of the 2016 high and 2016 low levels. The wedge is set to soon encounter the resistance, which is put up by the 23.60% retracement level at the 0.9615. Clues regarding the outcome of the encounter should be looked for in the SWFX market sentiment. As the pair is already oversold with 71% of open positions being short, it can be expected that the resistance of the retracement will be broken.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 0.9747 | Weekly R3 | MACD (12; 26; 9) | Buy | Buy | Buy | ||
| R3 | 0.9695 | Trend line | RSI (14) | Neutral | Neutral | Neutral | ||
| R2 | 0.9672 | Monthly R1 | Stochastic (5; 3; 3) | Buy | Sell | Sell | ||
| R1 | 0.9615/37 | 23.60% Fibo; trend line; weekly R2 | ADX (14) | Neutral | Neutral | Neutral | ||
| S1 | 0.9573 | Weekly R1 | CCI (14) | Sell | Neutral | Sell | ||
| S2 | 0.9537 | Trend line | AROON (14) | Buy | Buy | Buy | ||
| S3 | 0.9504/01 | 55-period SMA; monthly PP | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 0.9463/49 | Weekly PP; 100 and 200-period SMA | SAR (0.02; 0.2) | Buy | Buy | Buy | ||
| Aggregate | ↗ | ↗ | ↗ |