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.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.