NZD/CAD 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CAD has been trading in a strong up-trend since December 2014, but there are signs the bulls are unable to push the currency pair much higher. Although the four-hour and weekly indicators are pointing north, the upside is likely to be limited by a dense resistance area between 0.9460 and 0.9480, created by the up-trend (since Dec 8), monthly R1, and 2014 Jun and Jul highs. The rising wedge pattern that indicates waning demand has already matured, meaning there should soon be a break-out to the downside, through support at 0.9380. The first target will then be the 200-period SMA at 0.9280, followed by the monthly pivot point at 0.9230 and Feb 3 low at 0.9030.
© Dukascopy Bank SA
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