- NZD/CAD finds stiff resistance at 20-DMA at 0.9366, bias lower.
- The pair has broken major trendline support at 0.9330 and we see scope for further downside.
- Recovery attempts capped at weekly 5-DMA at 0.9359, further upside likely on break above.
- Technical indicators on weekly charts are bearish. RSI is below 50 and biased lower.
- Stochs are bearish and MACD has shown a bearish crossover on signal line.
Support levels - 0.9220 (trendline), 0.9206 (weekly 100-SMA), 0.9171 (April 12 low), 0.9123 (weekly 200-SMA)
Resistance levels - 0.9305 (5-DMA), 0.9366 (20-DMA), 0.94
Recommendation: Good to go short on rallies around 0.93, SL: 0.9370, TP: 0.9220/ 0.92/ 0.9175
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -49.0117 (Neutral), while Hourly CAD Spot Index was at 43.5146 (Neutral) at 1000 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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