- NZD/CAD has broken major trendline resistance at 0.9350, bias higher.
- The pair is at the time of writing holding above 0.94 handle after breaking 20-DMA resistance at 0.9382.
- The below mentioned technical indicators support further gains:
- Stochs and RSI have rolled over from oversold and are biased higher.
- MACD line shows a bullish crossover on signal line.
- Break above trendline and 20-DMA.
- We see scope for test of 100-DMA at 0.9491. Bullish invalidation on close below 5-DMA at 0.9335.
- Support levels - 0.9382 (20-DMA), 0.9350 (Trendline), 0.9335 (5-DMA)
- Resistance levels - 0.9460 (Dec 15 high), 0.9491 (100-DMA), 0.95
Recommendation: Good to go long on dips around 0.9380/90, SL: 0.9330/ TP: 0.9460/ 0.9490/ 0.95
FxWirePro's Hourly NZD Spot Index was at 131.468 (Highly bullish), while Hourly CAD Spot Index was at -99.5036 (Highly bearish) at 0910 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
