NZD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The near-term future of NZD/CAD is more or less clear. Considering that the pair has formed a channel and has crossed the 200-period SMA, the outlook is bullish. The positive bias is also reinforced by the four-hour and daily technicals. Beyond the next several weeks however, the outlook is unclear. First, because most of the weekly indicators are giving ‘sell' signals. Secondly, because the main Fibonacci retracement levels of the Mar-Jun decline remain intact, meaning the latest recovery should still be considered a correction and may well turn out to be short-lived. This is perhaps the reason why the sentiment is neutral: 46% longs and 54% shorts.
© Dukascopy Bank SA
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