NZD/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a prolonged period of consolidation that was observed in November and December, the New Zealand Dollar managed to regain upward momentum and resume appreciation relative to its Canadian counterpart. As a result, NZD/CAD formed a 250-bar long bullish channel.
Right now the currency pair is trading in proximity to the lower boundary of the corridor, meaning that in both the short and long term the price is more likely to rally. Additionally, the 200-period SMA also provides significant support. However, SWFX market participants are rather pessimistic regarding kiwi's prospects—71% of open positions are currently short.

© Dukascopy Bank SA
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Fri, 14 Feb 2014 11:36:23 GMT

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