NZD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CAD has been bullish since the end of May, and we expect the Kiwi to gain some 2% more before the bears take over. The pair has just confirmed the lower bound of the ascending channel, meaning it should rebound from 0.92. The positive outlook is also implied by the technical indicators. The rally, however, is highly unlikely to be extended beyond 0.9450, where two-and-a-half years old resistance trend-line merges with the upper bound of the pattern and the January 19 high. An additional argument in favour of a stronger New Zealand Dollar is the fact that the currency is oversold despite its recent appreciation. At the moment, as many as 70% of open positions are short.
© Dukascopy Bank SA
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