NZD/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Not so long ago NZD/CAD bounced off the 200-hour SMA and soon formed a bullish channel. Meanwhile, the technical indicators are giving ‘buy' signals, meaning the current outlook is bullish. The immediate resistance is at 0.8770, represented by the weekly R1, and once it is breached, the currency pair will likely target the August high at 0.8830. However, lately we have been observing a lack of upward momentum, as the price has failed to reach the upper boundary of the pattern on several recent occasions. In case the lower trend-line is violated, the decline will be expected to extend down to the 0.8620/0.8590 region, where we have the weekly pivot point and the 200-hour SMA.
© Dukascopy Bank SA
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