NZD/CAD 1H Chart: Kiwi weakens from five-month high
The New Zealand has appreciated substantially against the Canadian Dollar since early December, thus forming an ascending channel. This pattern is a part of a senior channel whose upper boundary circa 0.91 was tested on January 11; this mark is likewise a five-month high.
The Kiwi has since reversed from the given area and initiated trading lower. If looking at the pair’s movement within the following two weeks, it should approach a trend-line near the 0.8960 mark.
Meanwhile, technical indicators suggest that the rate might still appreciate today. However, it does face a significant resistance cluster formed by the 55– and 100-hour SMAs and the monthly R1. Thus, the base scenario favours a minor price increase until 0.91 where the bearish sentiment should take the upper hand and prevail for several sessions.
The Kiwi has since reversed from the given area and initiated trading lower. If looking at the pair’s movement within the following two weeks, it should approach a trend-line near the 0.8960 mark.
Meanwhile, technical indicators suggest that the rate might still appreciate today. However, it does face a significant resistance cluster formed by the 55– and 100-hour SMAs and the monthly R1. Thus, the base scenario favours a minor price increase until 0.91 where the bearish sentiment should take the upper hand and prevail for several sessions.