NZD/CAD 1H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar has formed a rectangle pattern against the Canadian Dollar, as the rate is moving in the middle of the pattern at 0.9433. In the meantime, the currency exchange rate is also in an ascending triangle pattern on the daily chart, and the triangle pattern shows, that the rate is set to have a break out of the triangle around the middle of September. The currency pair is set to move to the rectangle pattern's upper trend line at 0.9475. In addition, the pair is oversold, as 74% of open SWFX positions are short. However, in the past days its surge had been hindered by the 55 and 100-hour simple moving averages, between which the rate had been entangled.
© Dukascopy Bank SA
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