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

Long-term review

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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

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