Daily Forex Update: NZD/CAD

By: Dima Chernovolov

NZD/CAD recently broke the Key Support level 0.9137, which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Significance of this support level at the 5 bar level – which corresponds to the 5 recent price reversals from this price level. NZD/CAD is expected to fall further to the Forecast Price 0.8968 in the nearest time, which is also confirmed by the second chart pattern below.


As can be seen from the following chart – Autochartist also earlier identified the Clear Rectangle chart pattern on the daily NZD/CAD charts. The pair is expected to continue to fall toward the lower support trendline of this chart pattern. Two chart patterns pointing in one direction heighten the probability of further losses for this currency pair.


As you can see from the weekly NZD/CAD chart below, the upper boundary of this Rectangle formed near the major long-term resistance level 0.9530, which has been reversing the price from the start of 2014. The proximity of this resistance level will strengthen the bearish pressure on this currency pair in the nearest time.


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