NZD/CAD 4H Chart: Channel Down

Even though the Kiwi has been somewhat attempting to rebound in its cross with the Loonie, this currency pair seems to have found a tough resistance in face of the long-term simple moving average line. Moreover, it is reinforced by the monthly pivot point at the moment, both located around the 0.8590 mark. It indicates that a revival may end without touching the upper boundary of the channel down pattern. In addition, bullish outlook is opposed by the technical studies, especially the ones on a weekly time frame. Market participants are in turn broadly undecided on the pair's perspectives. Therefore, both short and long-term expectations are biased in favour of bears.