NZD/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CAD proved to be unable to sustain a rally beyond 0.90 last month, and at the moment the currency is in a distinct down-trend. The rate has just confirmed the upper boundary of the channel at 0.8750, and we see the sell-off extending deeper. There is a notable support area just above 0.86, but eventually the bears are likely to push the price through the Nov 4 and Oct 13 lows. A bullish correction should be expected near 0.8550, where NZD/CAD is estimated to meet the lower trend-line of the pattern. On the other hand, if the price closes above 0.8750, the Kiwi will probably test the 200-hour SMA at 0.88. Additional resistance is at 0.89, represented by the Oct 30 high.
© Dukascopy Bank SA
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