NZD/CAD 1H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though initially it was assumed that the NZD/CAD currency pair made a successful attempt to bounce from the lower boundary of the rising wedge pattern in order to rise further, it began falling around 0.9320. This level is also considered as the January high, which pushed the pair back to trade downwards. At the moment technical indicators on all time-frames are neutral, meaning that they are undecided on pair's perspectives. On the other hand, the bearish scenario is strongly supposed by SWFX traders, as they are holding short positions in more than 72% of all cases. It implies that there is a high probability of the lower boundary to be breached and the pattern is likely to be confirmed.
© Dukascopy Bank SA
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