NZD/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Most recently the Kiwi formed an ascending channel pattern against the Loonie. The channel was formed as a result of a rebound of the currency exchange rate against a large scale ascending channel pattern's lower trend line, which was supported by the 61.80% Fibonacci retracement. The Fibonacci retracements connect the 2016 low level of May and the recently achieved 2016 high level of September. What is very particular to this pattern, is that the trend lines in all cases are strengthened by other levels of significance, which provides additional help to level traders. Moreover, the currency exchange rate is oversold, as indicated by the fact that 75% of open SWFX trader positions are short.
© Dukascopy Bank SA
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