NZD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Already since the beginning of last year's summer NZD/CAD has been preserving propensity to advance. However, it is the last 300 bars that are currently of particular interest to us, since they constitute a bullish channel. Right now the pair is trading at the lower boundary of this upward-sloping corridor, which is strengthened by the 200-period SMA and the monthly pivot points, meaning that the New Zealand Dollar is likely to regain an upward momentum soon and resume the rally. The positive outlook is also confirmed by the daily and weekly technical indicators, but SWFX traders do not seem to be convinced by them—72% of open positions are short.
© Dukascopy Bank SA
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