Patterns: NZD/JPY, NZD/CAD
|NZD/JPY 4H Chart: Bounces off support
The New Zealand Dollar has declined by 1.69% against the Japanese Yen since the beginning of October. The currency pair tested the lower boundary of an ascending channel pattern at 69.26 on October 20.
The exchange rate bounced off the lower line of the channel pattern during this week's trading sessions. Most likely, the NZD/JPY pair could edge higher in the next few days.
However, a resistance level at the 70.50 level could provide resistance for the currency exchange rate in the shorter term.
NZD/CAD 4H Chart: Breakout occurs
New Zealand's Dollar has surged by 155 pips or 1.80% against the Canadian Dollar since this week trading sessions. A breakout occurred through the upper boundary of a descending channel pattern.
Given that a breakout has occurred, bulls could dominate the exchange rate during next week trading sessions. The potential target for bullish traders would be at the 0.8900 level.
However, the 200– period simple moving average at 0.8773 could provide resistance for the NZD/USD currency exchange rate during the following trading sessions.
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