NZD/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CAD started the pattern 80 bars ago, when the currency pair confirmed and then rebounded from the 200-hour SMA. Since then 200 pips have already been covered, but it appears there is still potential for the New Zealand Dollar to add to the existing gains.
The supports that are preserving the bullish outlook are at 0.8337 and 0.8290, they should stay intact for the advancement to carry on further. Accordingly, their breach may be considered as a bearish signal, just like a test of the resistance at 0.8428, which is supposed to initiate a downward correction, although a shallow one.

© Dukascopy Bank SA
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