NZD/CAD 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Yesterday we've seen an attempt to break pattern's support line, however, it was a false breakout, and the pair moved back into pattern's boundaries. Currently, the prices stood at 0.816, just 30 pips above the lower trend line. According to tools of technical analysis, the pair is likely to move sideways for some time and after being flat, it should dip below the key support line and move to the south. In this case, lower prices are expected, and a hike in trading volume. At the same time, market sentiment is slightly bearish, adding to evidence we might see a possible downside movement any time soon.
© Dukascopy Bank SA
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