NZD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CAD is currently undergoing a correction phase within a major down-trend (since the second half of March). Nevertheless, there is a solid chance the currency pair has some bullish potential left. In the very near term we expect a sell-off of about 200 pips from 0.87, but around 0.85 the price should bottom out and begin a recovery. Given such a scenario the first target will be 0.8830 (monthly R1 and 38.2% Fibo), followed by 0.8960 (50% Fibo). On the other hand, if the rising support line and the 200-period SMA fail to underpin the Kiwi, the focus will shift back to June low at 0.8360. In the meantime, the traders are almost equally divided between the bulls (52%) and the bears (48%).
© Dukascopy Bank SA
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