Patterns: NZD/CAD, NZD/JPY
|NZD/CAD 4H Chart: Bounces off support
The New Zealand Dollar has been edging lower in an ascending channel pattern against the Canadian Dollar. The currency pair has declined by 1.94% in value since December 31.
The exchange rate bounced off the lower boundary of the ascending channel pattern at 0.8617 during yesterday's trading session.
All things being equal, the NZD/USD pair will likely make an upside movement during the following trading sessions. The short-term target will be at 0.8740.
Although, a resistance cluster formed by the 100– hour SMA, the weekly R1 and the monthly PP at 0.8691 could provide resistance for the currency exchange rate in the nearest future.
NZD/JPY 4H Chart: Buy signals
The New Zealand Dollar has been edging higher against the Japanese Yen since November 15. The currency pair has surged by 2.35% in value since last week's trading sessions.
As for the near future, the exchange rate could continue to surge in an ascending channel pattern. The potential target for the NZD/JPY pair will be at the upper boundary of the channel pattern at 74.33.
Furthermore, technical indicators suggest that the currency exchange rate will most likely continue to edge higher during the following trading sessions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.