NZD/CAD trades in symmetrical triangle
The New Zealand Dollar has formed a medium-term symmetrical triangle against its Canadian counterpart. The rate is gradually diminishing its trading range and might be near a breakout point. Meanwhile, the last two waves have formed a descending channel.
As apparent on the chart, the latest depreciation of the Kiwi is being slightly hindered by a strong support area set by the 23.6% Fibonacci retracement, the 55– and 200-hour SMAs and the weekly PP. The following hours will demonstrate if this level is to be breached.
If yes, the rate should approach the 0.8940 mark where the lower triangle boundary is located. This line is also likely to break under the pressure to pave the way towards the lower channel boundary.
Conversely, the failure to move below the 0.8980 should send the pair towards the upper triangle boundary; however, the aforementioned bearish scenario should eventually prevail.
As apparent on the chart, the latest depreciation of the Kiwi is being slightly hindered by a strong support area set by the 23.6% Fibonacci retracement, the 55– and 200-hour SMAs and the weekly PP. The following hours will demonstrate if this level is to be breached.
If yes, the rate should approach the 0.8940 mark where the lower triangle boundary is located. This line is also likely to break under the pressure to pave the way towards the lower channel boundary.
Conversely, the failure to move below the 0.8980 should send the pair towards the upper triangle boundary; however, the aforementioned bearish scenario should eventually prevail.
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