NZD/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the recently discovered ascending triangle has just been broken to the downside, there are still enough reasons to be long the Kiwi. NZD/USD is currently trading between two parallel upward-sloping trend-lines. If the currency pair stays above 0.95, the outlook will remain bullish, though the demand at 0.9540 may also act as a floor. Accordingly, the focus should be on the upside, on the condition that the support trend-line remains intact. One of the key resistance levels is at 0.96, where the daily and weekly R1s merge with the recent highs. Another important supply area is supposed to be near the 2014 high at 0.9657, followed by the resistance trend-line at 0.97.
© Dukascopy Bank SA
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