NZD/CAD 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though the NZD/CAD currency pair has touched the lower trend-line of the bearish pattern on Friday and was considered to go lower, it is still trading at 200-hour SMA around 0.9480. However, this technical level is reinforced by weekly and daily pivot points from above, meaning that a return to bullish development seems unlikely, unless bulls get a strong unexpected momentum. Currently, the closest target for bears is located at 0.9398, represented by the monthly S1, while any major sell-off can be extended down to pattern's support at 0.9337. Meanwhile, both technical indicators on all time-frames and 52% of market participants expect the pair failing to sustain a downward trend.
© Dukascopy Bank SA
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