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FxWirePro: NZD/CAD 200-DMA breakout raises scope for upside, 61.8% Fib at 0.9061 in sight, stay long

NZD/CAD chart on Trading View used for analysis

  • NZD/CAD has broken stiff resistance at 200-DMA raising scope for further upside.
     
  • Technical studies are supportive of further gains. Momentum with the bulls.
     
  • MACD also supports upside in the pair. We see +ve DMI dominance and ADX is also rising in support of upside.
     
  • Sharp downside in US oil prices keeps pressure on the Canadian dollar, further aiding gains in the pair.
     
  • Next bull target lies at 61.8% Fib at 0.9061. Break above 200W SMA at 0.9079.
     
  • On the flipside, immediate support lies at 200-DMA at 0.8934. Retrace below could see weakness.

Support levels - 0.8934 (200-DMA), 0.8917 (5-DMA), 0.8857 (Nov 12 low)

Resistance levels - 0.8998 (110W EMA), 0.9061 (61.8% Fib), 0.9079 (200W SMA)

Recommendation: Good to stay long on dips, SL: 0.89, TP: 0.90/ 0.9061/ 0.9075

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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