NZD/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bias towards NZD/CAD is negative, and we expect further depreciation of the New Zealand Dollar. Over the next few days the exchange rate is likely to come down to the support trend-line at 0.8310 and then start a bullish recovery. In the meantime, the upside should be limited by a combination of the weekly PP and 200-hour SMA at 0.8480. However, even if the price closes above this level, the outlook will remain bearish as long as the falling resistance line at 0.8520 is intact. Meanwhile, there is no consensus among the SWFX traders. Right now 49% of them are holding long positions and 51% are holding shorts.
© Dukascopy Bank SA
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