NZD/CAD 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the last couple of days the pair has been showing signs of a bearish break-out. Moreover, according to the technical indicators, a break-out to the downside is more likely than a pronounced advance. In a base scenario the descending triangle's break-out is to the south, as it is a continuation pattern. However, at the moment the pair is testing the upper boundary at 0.9210, thus it is possible that the pair could breach the resistance and strengthen towards the weekly PP at 0.9247, before falling below the weekly S1 at 0.9191. Also the sentiment of the SWFX market is in favour of a retreat—62.24% of the traders are short.
© Dukascopy Bank SA
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