NZD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar entered a channel up pattern against the Canadian Dollar on May 24 on the four hour chart. At the moment, the currency exchange rate is at 0.9000 and moving down to the lower trend line at 0.8970, which has been confirmed two times, and also it is supported by the 55-period SMA and monthly R1. The exchange rate now is struggling with the weekly PP at 0.8990. As the pair rebounds against the lower trend line, the Kiwi will likely move north against the Loonie to the upper trend line and could reach it around the level of 0.9200 at the end of this week. However, on its way upward, the NZD/CAD pair will face the weekly PP for a second time, and further above is located the monthly R2 at 0.9064.
© Dukascopy Bank SA
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