NZD/CAD 1H Chart: Consolidation near channel
The New Zealand Dollar has lost 2.98% against its Canadian counterpart during the past two weeks. This movement south has guided the pair in between the boundaries of the senior channel. The pair has been rather steady for the last week and it has been fluctuating around the 0.9350 mark.
Given that the Kiwi has reached the bottom boundary of the senior channel near 0.93, the pair is likely to continue moving higher within the following trading sessions. Rapid appreciation is unlikely in this scenario, as the nearest resistance is formed by the 55, 100– and 200-hour SMAs circa 0.9350. The given scenario is supported by technical indicators which point to a surge within this week.
It is expected that the upper boundary of the senior channel is not reached, thus setting the ten-year high of 0.9520 as a possible upside target.
Given that the Kiwi has reached the bottom boundary of the senior channel near 0.93, the pair is likely to continue moving higher within the following trading sessions. Rapid appreciation is unlikely in this scenario, as the nearest resistance is formed by the 55, 100– and 200-hour SMAs circa 0.9350. The given scenario is supported by technical indicators which point to a surge within this week.
It is expected that the upper boundary of the senior channel is not reached, thus setting the ten-year high of 0.9520 as a possible upside target.
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