NZD/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CAD has recently paused its recovery from 0.83, and the correction has taken the form of a channel. However, in the near term perspectives are bullish, being that the currency pair is trading at the lower edge of the pattern at the moment. Accordingly, there is a good chance the price will rebound from 0.9130 and rise up to 0.9360 during the next few weeks. There the rate should be stopped and turned around by the resistance trend-line and the 200-period SMA. If this is not the case and NZD/CAD dips through the lower boundary of the channel, our focus will shift to 0.8970, where the monthly S1 merges with the weekly S2 level.
© Dukascopy Bank SA
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