NZD/CAD 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CAD is likely to be highly volatile soon, as even despite subdued market reaction towards Canadian manufacturing sales, the rising wedge pattern is moving to its apex. Trading range is narrowing rapidly, meaning that in case of a breakout, markets will go wild. At the moment of writing the pair was trading at 0.864, just couple of pips above the support line, and it seem, a move below it is unlikely, due to the fact technical indicators are sending "buy" signals, while the support line is located a bunch of strong levels, which would be extremely difficult to breach. Hence, a move toward 0.8714 and then 0.8752 can be expected.
© Dukascopy Bank SA
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