NZD/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While trading within the pattern, NZD has already recovered most of its January—April losses that accumulated to minus 10%. At the moment, the currency is moving away from the lower bound of the pattern, meaning we should expect an extension of the latest rally to 0.9290, where the Kiwi is to meet the weekly R2 and the upper edge of the channel. Not only short-term but also longer-term positive outlook is implied by the indicators, which are mostly giving ‘buy' signals. At the same time, the Kiwi is oversold, which is an additional argument in favour of a stronger New Zealand currency. Meanwhile, the ceiling is seen at 0.9550, represented by the trend-line that connects highs of the last thee years.
© Dukascopy Bank SA
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Thu, 23 Jun 2016 15:00:56 GMT

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