NZD/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has been in a clear uptrend since the end of August. Prior to that we saw a one and a half week long fall of a 300 pips, but the pair is already up by more than 650 pips since then. The pair has recently bounced from the pattern's support and at the moment and as medium term technicals suggest it should continue appreciating. However, from the short term technicals and from the recent developments we could expect the pair to stall a bit. In the long term, despite the neutrality of aggregate signal, we are keen to expect a bearish breakout as equivalent horizon Stochastic indicator, which predicts major turning points, sends a sell signal.

© Dukascopy Bank SA
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