NZD/CAD 1H Chart: Channel Down

8 thg 8, 2017

NZD/CAD 1H Chart: Channel Down

• The New Zealand Dollar is losing value against the Canadian Dollar in a short-term descending channel, which started to form after the Kiwi appreciated by 0.9% just in one trading session.
  
  
• In the beginning, the currency rate was moving quite sharply amid macroeconomic data releases and, for this reason, stayed indifferent towards barriers set up by various technical indicators.
  
• Monday’s trading session did not bring any notable changes, as the pair has easily slipped through the weekly PP and S1 as well as the 55-, 100- and 200-hour SMAs.
  
• Since the rate does not have any other barriers on its way, it might reach the bottom edge of the channel already by the end of this trading day.
  
• However, multiple technical indicators suggest that in the upcoming hours the pair will rather move horizontally along the above weekly S1 at 0.9326 and only then slide to the bottom.