NZD/CAD 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Duksacopy Bank SA
© Dukascopy Bank SA
A 104-bar long rising wedge was formed by NZD/CAD on January 2, and since then the pair has been appreciating steadily. While technical indicators are either neutral or sending ‘buy' signals, the fact the recent high was lower than the previous one is raising concerns the rally is running out of steam and soon pattern's support will be breached. At the same time, traders' attitude towards the pair is strongly bearish, as 75% of opened positions are short. When having a look at pending orders, we can suggest the downside move will be short-lived, as vast majority of orders in a 100pip range are placed to buy the pair. The key level fro short traders is located at a weekly S1 and Fibo 23.60% at 0.8970.
© Dukascopy Bank SA
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