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FxWirePro: NZD/CAD tests 50-DMA, break above to see further upside

NZD/CAD chart on Trading View used for analysis

  • NZD/CAD trades 0.52% higher on the day, at 0.8572 at the time of writing.
     
  • The pair has broken above 5W SMA and is on track to extend gains for the 2nd straight week.
     
  • Technical indicators on daily charts are biased higher. Momentum studies are bullish.
     
  • RSI is above 50 and biased higher, MACD shows bullish crossover on signal line.
     
  • The pair has tested 50-DMA at 0.8574, break above to see further upside. 
     
  • Scope then for test of 23.6% Fib at 0.86 ahead of 100-DMA at 0.8773.

Support levels - 0.8517 (5-DMA), 0.8495 (Sept 12 low), 0.8321 (Oct 8 low) 

Resistance levels - 0.8574 (50-DMA), 0.86 (23.6% Fib), 0.8773 (100-DMA)

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

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