Dukascopy Bank Team
Dukascopy Bank SA
NZD/CAD 4H Chart: Breakout occurs
The New Zealand Dollar has declined by 2.40% against the Canadian Dollar since last week's trading sessions. A breakout occurred through the lower boundary of an ascending channel pattern on September 22.
Given that a breakout has occurred, bearish traders could continue to pressure the exchange rate lower during the following trading sessions. The potential target for the NZD/CAD pair would be at the 0.8601 level.
However, the currency exchange rate could make a brief retracement towards the 50– period simple moving average at 0.8844 next week.
NZD/JPY 4H Chart: Decline could occur
The New Zealand Dollar has declined by 4.52% against the Japanese Yen since the beginning of September. The currency pair breached the 50-, 100– and 200– period SMAs during this period.
Technical indicators suggest selling signals on the daily time-frame chart. Therefore, bears are likely to continue to dominate the exchange rate during the following trading sessions.
However, the NZD/JPY currency exchange rate could make a brief pullback towards the 70.00 level in the nearest future.
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.
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