NZD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a prolonged lull that was observed during last year's November and December, NZD/CAD decoupled from the long-term moving average and commenced a recovery. Since then the currency pair has been forming a bullish channel. Recently, however, the New Zealand Dollar has been undergoing a downward correction. Still, the sell-off should soon come to an end, being that the exchange rate is currently approaching the lower boundary of the pattern, which is reinforced by the 200-period SMA and therefore should provide enough support to trigger buying. In the meantime, the sentiment towards the pair is strongly bearish—71% of open positions are short. 

© Dukascopy Bank SA
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