NZD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems that NZD/CAD currency pair is successfully extending gains above the pattern's resistance line. At the same time, the pair will face a strong supply area in the near-term, represented by weekly S1 and 100-hour SMA. In case of consolidation above both of these levels, the New Zealand Dollar will most likely appreciate further and target the weekly pivot point at 0.9069. In the meantime, hourly technical indicators are sending bullish signals, confirming the positive case in the short-term. In addition to that, SWFX traders are holding the majority of long opened positions. Currently, the gap between bulls and bears is 18%, as the former hold 59% of all trades versus 41% for the latter.
© Dukascopy Bank SA
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