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NZD/CAD chart on Trading View used for analysis
- NZD/CAD trades 0.45% lower at the time of writing, at 0.8999 levels.
- The pair is extending weakness with 'Gravestone Doji' formation at highs on Wednesday's trade.
- Kiwi sell-off across the board is knocking the pair lower.
- We also find that the momentum indicators on daily charts are at overbought levels.
- Some unwinding likely. Pair eyes 200-DMA at 0.8930. Breach there could see dip till 20-DMA at 0.8844.
- Major trend remains bullish. Failure to break below 200-DMA will see resumption of upside.
Support levels - 0.8930 (200-DMA), 0.8844 (20-DMA), 0.8816 (23.6% Fib)
Resistance levels - 0.9024 (5-DMA), 0.91 (Nov 21 high)
Recommendation: Good to go short on upticks, SL: 1.9030, TP: 0.8930/ 0.89/ 0.8844
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
