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FxWirePro: NZD/CAD recovery lacks traction, stay short on below 0.8930

NZD/CAD chart on Trading View used for analysis

  • NZD/CAD edges higher from fresh weekly lows at 0.8935 with a Doji formation.
     
  • Upside struggling to gather momentum, trades rangebound on the day at 0.8979 at 0730 GMT.
     
  • Technical indicators are bearishly aligned in the near-term. Scope for further weakness.
     
  • Price action remains capped below 55-EMA and is on track to test 200-DMA at 0.8882.
     
  • On the weekly charts the pair is edging lower from upper Bollinger Band. Is holding support at 0.8932 (21W EMA).
     
  • Break below 0.8930 to see test of 200-DMA. Violation there to see further weakness. 
     
  • While on the flipside, immediate resistance is seen at 5-DMA at 0.90. Break above 20-DMA to see further upside.

Support levels - 0.8924 (110-EMA), 0.8882 (200-DMA), 0.8789 (cloud base)

Resistance levels - 0.8989 (55-EMA), 0.9008 (5-DMA), 0.9035 (23.6% Fib) 

Recommendation: Good to stay short below 0.8930, SL: 0.90, TP: 0.8880/ 0.88

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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