FxWirePro: NZD/CAD breaks weekly 100-SMA support, bias lower, good to short rallies

• NZD/CAD has broken major support at weekly 100-SMA at 0.9234 in the previous week.
   
• Price action in the pair has slipped below weekly cloud, bias still lower.
   
• Technical studies on weekly charts are strongly bearish. RSI, Stochs and MACD support downside.
   
• On the daily charts, the pair has broken strong trendline support at 0.9230.
   
• We see scope for test of 0.9112 (61.8% Fib retrace of 0.86109 to 0.99247 rally).
   
• Bearish invalidation only on close above weekly 100-SMA at 0.9241.

Support levels - 0.91714 (April 12 low), 0.9112 (61.8% Fib retrace of 0.86109 to 0.99247 rally), 0.9083 (July 21 low)

Resistance levels - 0.9205 (5-DMA), 0.9295 (20-DMA), 0.93

Recommendation: Good to go short on rallies around 0.9175/85, SL: 0.9245, TP: 0.9115/ 0.9085/ 0.9030

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest