NZD/CAD: Weekly
Zooming out to the weekly chart, we can see a huge technical argument forming for forex traders to jump in long on NZD/CAD. After a strong burst higher starting in the mid-summer, the Kiwi has fallen back to earth on the broad selling of commodities and commodity currencies over the past month, as well as some secret intervention by the Reserve Bank of New Zealand in August.
The pair is now approaching the rising trendline that has held strongly since 2013, as well as the 61% Fibonacci retracement level. With the stochastic indicator potentially oversold conditions, this retest may tempt Kiwi bulls to jump back here.
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