NZD/CAD 4H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar has been declining against its Canadian counterpart since the beginning of 2016, trading in a broadening falling wedge. The pair recently confirmed the wedge's support line and is now aiming to reach the upper boundary circa 0.93. However, daily technical studies suggest the exchange rate is to put the lower border to the test, but a breach is unlikely, as it is reinforced by the monthly S1. A strong resistance area is located around 0.9065 area, which can prevent the Kiwi from outperforming the Loonie. Nonetheless, the longer-term outlook is bullish, at least until price hits the 0.93 mark. Meanwhile, market sentiment is somewhat bearish, as 53% of traders currently hold short positions.
© Dukascopy Bank SA
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