NZD/CAD 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
NZD/CAD took on a slightly downward sloped motion which came to sketch a falling wedge, building up some bullish potential. The pair is now testing the cloud resistance – 100-period SMA cluster and could go through another wave south before a break out of the pattern. In this case 0.9447 will become the nearest target with just some risk left at 0.9381 before 0.9361, the bottom boundary is reached. A surge above the pattern will be interrupted by 0.9506 and then 0.9518, and would require a retracement of the broken trend-line.
© Dukascopy Bank SA
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