NZD/CAD 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair has formed a broadening falling wedge pattern, when on 22nd of August the Kiwi failed to consolidate above the 0.92 level. If at the end of August and at the beginning of September the pair traded mostly around the lower boundary of the pattern then now we are seeing more fluctuation. Moreover, the 4H and daily technical studies are bearish, thus suggesting that the current down-trend is likely to continue. However, there is no clarity among the traders as 51.72% of them expect a bullish break-out, while 48.28% are holding short positions. Now, if the pair remains supported by monthly S2 at 0.8903 then an advance towards weekly S1 is expected.
© Dukascopy Bank SA
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