FxWirePro: NZD/CAD Trade Idea

FxWirePro's Hourly Currency Strength Index for AUD/NZD at 0600 GMT: Bias Bullish

FxWirePro's Hourly NZD spot Index was at 162.091 (Bullish)

FxWirePro's Hourly CAD spot Index was at -101.319 (Bearish)

Technical Analysis: Bias Bullish

- NZD/CAD has shown a decisive break above 20-DMA, currently hovers around 50-DMA at 0.8855

- RSI biased higher, gaining upside traction at 56 levels

- Stochs are biased higher, momentum studies are bullish

- We see bullish divergence from price action on RSI and Stochs

Support levels - 0.8787 (20-DMA), 0.8785 (5-DMA), 0.8740 (Sept 12 low)

Resistance levels - 0.8905 (23.6% fib retrace of 0.87581 to 0.86417 fall), 0.8929 (Nov 1 high), 0.90 (100-DMA)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-CAD-recovery-capped-at-5-DMA-bias-lower-good-to-short-rallies-1009247) hit TP1/2.

Recommendation: Good to go long on breakout above 50-DMA at 0.8855, SL: 0.8785, TP: 0.89/ 0.8930/ 0.90.

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