NZD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A channel up pattern formed by NZD/CAD is just 51 bar long, nevertheless, both quality and magnitude are above the average. On Monday the pair has already reached a new high of 0.8866, previously reached in July 2005, making it difficult for bulls to move further. Nevertheless, technical indicators are supporting the case of further appreciation. At the same time, MACD indicator is suggesting the market is overbought and a period of consolidation is required before another rally. From the downside, the key level is located at 0.8779, represented by weekly and daily pivots. In a shorter term a move to this level is likely, and then the pair is likely to soar to 0.8895.
© Dukascopy Bank SA
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