NZD/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The New Zealand Dollar has been gaining value against the loonie since the end of August and during the most recent 100 bars, specifically after the currency pair re-tested the 200-hour SMA, NZD/CAD has been consistently rising while being contained by two parallel bullish trend-lines. Right now the price is trading at the lower edge of the formation, which is reinforced by the four-hour and daily pivot levels. Accordingly, it is likely that this support will remain intact and send the kiwi towards the resistance at 0.8768. However, 61% of the SWFX traders believe the bullish momentum has already been exhausted—they are holding short positions.
© Dukascopy Bank SA
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