NZD/CAD 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Canadian Dollar acted almost like its American counterpart, as NZD/CAD cross fell more than 170 pips and even crossed a 200-period SMA, suggesting bears would dominate the market in the nearest future. Moreover, aggregate technical indicators on a 4H chart are sending "sell" signals, meaning a retest of support line can be expected. Nevertheless, in a mid-term we could see a period of consolidation, however, a move below 0.8529 is unlikely, as it is represented by a Fibonacci retracement as well as weekly support, which is located just 10 pips lower.
© Dukascopy Bank SA
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NZD/USD 4H Chart: Rectangle

New Zealand Dollar has been appreciating versus its American counterpart since September, however, after reaching a high of 0.8544 on October 22, the pair entered a period of consolidation and since then NZD/USD has been bounded between 0.8414 ad 0.8182. Despite U.S. Dollar's significant appreciation after FOMC minutes, the pair still is expected to head to the south. This

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