NZD/CAD 15M Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a bearish channel emerging in the 15-minute chart of NZD/CAD, and at the moment the pattern implies a sell-off from 0.9190 down to 0.91. This scenario is supported by positioning of the SWFX traders, 69% of which are short. However, as noted yesterday, the currency pair is also forming a bullish channel in the four-hour chart, at the lower boundary of which the pair is currently trading. Accordingly, in order to keep fluctuating between the two downward-sloping parallel trend-lines the price should necessarily close below 0.9150. Alternatively, the rate will break the resistance at 0.9175 and set course towards the upper trend-line of the more senior channel at 0.9350.
© Dukascopy Bank SA
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