NZD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The market has been bullish since the summer of 2013. There has been a risk that the currency pair will change the trend during the last few days of January, but the 200-period SMA was enough to prevent further deterioration of the situation and preserve the overall upward tendency.
As a result, NZD/CAD is forming a channel up pattern with the support at 0.92 and the resistance just above 0.94. However, even though the technical indicators are mostly giving ‘buy' signals, there are considerable downside risks in the short run, as the pair has recently touched the upper boundary of the corridor and may have not yet completed a bearish correction.

© Dukascopy Bank SA
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