Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: NZD/CAD breaks major support at 0.8790, good to sell rallies

  • NZD/CAD has broken major trendline support at 0.8790 and is currently trading around 0.8710.
     
  • Technicals on daily charts support downside in the pair. Stochs are biased lower, momentum studies are bearish and MACD line is on the verge of a bearish crossover on signal line.
     
  • The pair has slipped below 50-DMA at 0.8821 and major moving averages are biased lower.
     
  • CAD continues to derive support from the recovery of crude oil prices, with the barrel of West Texas Intermediate approaching the psychological mark at $50.00.
     
  • Immediate support and resistance are aligned at 0.8675 (Apr 26th lows) and 0.8767 (session highs).

Recommendation: Good to sell rallies around 0.8710/20, SL: 0.8770, TP: 0.8675/0.8650/0.8620
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.