Midday Technical Analysis on NZD/CAD 16h of April

2018-04-16

NZD/CAD is ranging in a Descending Triangle Pattern, there is a string of lower highs which formed the upper trend line, and the support level of price at 0.92429 has been difficult to break through. A break below 0.92429 should see further decline of price to other support region and that should create volatility to the pair. The converse also applies to the uptrend, if price breaks (0.93006), the slope of the lower highs we should see further move of price upwards to subsequent resistance zones.

On Wednesday this week, the Bank of Canada (BOC) should be holding it press conference to discuss the monetary policy and interest rate decisions.

On the upside, Resistance Levels that should be watched out for:

 

Resistance Level 1----0.93385

Resistance Level 2----0.94139

Resistance Level 3----0.94787

 

On the downside, Support Levels that should be watched out for:

 

Support Level 1----0.92451

Support Level 2----0.91867

Support Level 3----0.90863