FxWirePro: NZD/CAD Trade Idea

FxWirePro's Hourly Currency Strength Index for NZD/CAD at 0600 GMT: Bias Bearish

FxWirePro's Hourly Currency Strength Index for NZD: -117 (Bearish)

FxWirePro's Hourly Currency Strength Index for CAD: 116.22 (Bullish)

Technical Studies: Bias Bearish

- Rejected at 50-DMA, slips below 20-DMA, 5-DMA has turned lower

- Stochs and RSI biased lower, MACD is on verge of bearish crossover on signal line

- Price action is below daily cloud and major moving averages

- Grave stone Doji formation seen on weekly charts which suggests selling pressure at highs

Support levels - 0.8690 (trendline), 0.8641 (Nov 17 low), 0.8550 (major trendline)

Resistance levels - 0.8774 (20-DMA), 0.8788 (5-DMA), 0.88, 0.8835 (50-DMA)

Recommendation: Good to go short on rallies around 0.8710/20, SL: 0.8780, TP: 0.8690/ 0.8640/ 0.86/ 0.8550.

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