NZD/CAD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a high risk of a rally in the hourly chart of NZD/CAD, even though ideally we would want the currency pair for form this pattern at the end of a bearish trend. Nevertheless, the base scenario is a breach of the red trend-line, in which case the initial target is going to be the weekly S1 and Aug 27 high at 0.86. The next objective will be the 200-hour SMA, followed by the Aug 25 high and weekly PP at 0.87. The final target would be so far the highest point in August, namely 0.8833. A dip beneath 0.8520 should lead to a decline down to 0.8442, with a likely follow-up sell-off to 0.8327. Meanwhile, the positioning is skewed in favour of the bulls: they take up 64% of the market.
© Dukascopy Bank SA
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Fri, 28 Aug 2015 13:43:05 GMT

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