NZDCAD: Intersecting signals point up.

Price action on NZDCAD appears to be following a trend supported by multiple trend-channel based support levels that arise when a modified Schiff pitchfork is drawn from 2015 true lows (Sept. 10, 2015) to the 2015 year-end high (Dec. 28, 2015) divided across fresh 2016 lows (Apr. 27, 2016). While the median parallels provide considerable support / resistance, special attention should be paid to the fibonacci channels that run parallel to them (the thicker purple lines, labeled on the left), which are truly pulling the reins here. At the moment, price action is directed toward the lower .618 parallel of the pitchfork AND near-term structural lows; the trend should be met with considerable support at this point, and should climb higher to the next point of resistance (indicated by the red rectangle). While the technicals seem to suggest a climb higher, the downside risk to oil prices should put pressure on the CAD moving forward.

Comment:

Things were going well until NZD GDP came in at 2.7% vs. 3.2 (prev. 3.3%). This has derailed my expectation, but we're seeing price action slow down around my support. Let's see how this plays out.