Daily Forex Update: NZD/CAD

By: Dima Chernovolov

NZD/CAD continues to fall inside the clear Down Channel chart pattern which was recently identified by Autochartist on the daily charts. Autochartist measures the quality of this Down Channel at the 6-bar level – which reflects the medium Initial Trend (5 bars), above-average Uniformity (6 bars) and substantial Clarity (8 bars). The price earlier broke the pivotal support level 0.9200 – which adds to the probability NZD/CAD will continue to fall inside this Down Channel.

As can be seen from the daily NZD/CAD chart below, the pair earlier broke though the powerful support level 0.9200 (which has been reversing the price from the start of January). The breakout of the support level 0.9200 strengthened the bearish pressure on this currency pair. The proximity of the key price level 0.9200 (acting as resistance after it was broken) adds to the probability NZD/CAD will continue to fall inside this Down Channel.

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