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09.12.201514:50 Forex Analysis & Reviews: Technical analysis of NZD/CAD for December 9, 2015

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

NZD/CAD has been steadily rising since November 18 and there are no signs of a trend reversal at this point yet.

The price clearly broke above the previous resistance at 0.8950 which has become the support that has been rejected. Overall, the price is moving within the ascending channel and could go slightly down to test the lower trend line of the channel. However, the uptrend is still intact and the probability of further uptrend remains quite high.

Consider buying NZD/CAD if the price gets back to support area near 0.8950 to target potential tipple top at 0.9045 and possibly higher. On the other hand, a break below the support could result in a trend reversal and conservative trading is preferable.

Support: 0.8955

Resistance: 0.9045

Exchange Rates 09.12.2015 analysis

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