NZD/CAD 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CAD currency pair has formed yet another ascending triangle. Now the obstacle to be overcome is at 0.96. The bullish outlook is also reinforced by the hourly and four-hour technical indicators. If the New Zealand Dollar gains a foothold above the key resistance, this will pave the way for a rally towards the 2014 high at 0.9657. On the other hand, a close beneath the support trend-line will imply that there is going to be a further sell-off. One of the closest significant supports is at 0.9541, followed by the daily S1 at 0.9521. The long-term moving average is at 0.9430. As for the sentiment, the SWFX traders tend to sell the Kiwi: 55% of open positions are short.
© Dukascopy Bank SA
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