Analyzing the daily chart of the NZDCAD cross with the ichimoku indicator, we can see a first upward impulse starting from the lows of the end of March, with a consequent correction towards the tenkan / kijun averages after testing the bearish kumo.
Now the 26-period forward kumo has gone from bearish to bullish and the chikou line has outperformed prices. The prices have temporarily stopped on the daily resistance in the 0.85 area. A possible overcoming of the same and of the bearish kumo could confirm an upward trend.
The first targets on resistance can be identified just above 0.86 area and subsequently at 0.869 and 0.879. Institutional investors positioned on the Canadian dollar have closed most of their positions higher over the past week, for around 6,000 fewer contracts.
At the same time, we can also note a strengthening on the New Zealand dollar, as highlighted in the currency strength chart, according to the weekly changes in the Cot Report. This is also confirmed by the analysis of the difference in open interest on the two currencies in question, which has shown us a bullish trend for several weeks
• Personal Links:
► FB: https://www.facebook.com/COT-Analysis-2160376444276025/
► Steemit: https://steemit.com/@nordcaster
► Twitter: https://twitter.com/colombodiego74
