NZD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar failed to gain a foothold above 0.87. This implies an end of a bullish correction that started at the very end of June following a sell-off since March. At the same time, the daily and weekly technical indicators are mostly pointing south, further reinforcing the negative bias. Accordingly, March-June decline should soon resume, and this means the up-trend and 200-period SMA at 0.8550 are likely to be broken in the nearest future. The next target will be the July 31 low and weekly S2 at 0.8519, followed by the weekly S3 and monthly S1 at 0.8444. Meanwhile, the SWFX traders seem undecided, but a majority, namely 54% of them, stays long.
© Dukascopy Bank SA
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