NZD/CAD 1H Chart: Bearish signals dominate
The New Zealand Dollar has been strengthening in an ascending channel against the Canadian Dollar during the past five weeks. This pattern is a part of a more senior channel whose upper boundary is located nearby circa 0.9440.
Taking into account the highly-positioned technical indicators, it seems that the Kiwi might decline this week and even beyond in line with both patterns. The nearest downside target is the bottom boundary of the junior channel circa 0.93—a level that could coincide with the 100– and 200-hour SMAs and the weekly PP.
This point could mark some slight correction upwards, but it is still expected that this bearish sentiment resumes its dominance until the lower boundary of the senior pattern is reached in early April.
Taking into account the highly-positioned technical indicators, it seems that the Kiwi might decline this week and even beyond in line with both patterns. The nearest downside target is the bottom boundary of the junior channel circa 0.93—a level that could coincide with the 100– and 200-hour SMAs and the weekly PP.
This point could mark some slight correction upwards, but it is still expected that this bearish sentiment resumes its dominance until the lower boundary of the senior pattern is reached in early April.
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