FxWirePro: NZD/CAD Trade Idea

NZD/CAD chart on Trading View used for analysis

FxWirePro Currency Strength Index for NZD/CAD: Bias Bearish
FxWirePro's Hourly NZD Spot Index was at -31.6189 (Neutral)
FxWirePro's Hourly CAD Spot Index was at 99.816 (Bullish)

Technical Analysis: Bias Bearish
- Price action has failed to extend break above 21-EMA
- Pair slips below 5-DMA, 5-DMA has turned south
- Major EMAs are downward sloping and price below daily cloud
- RSI below 50 and biased lower, MACD well below zero mark

Support levels - 0.8555 (trendline), 0.8427 (88.6% Fib), 0.8357 (June 2015 low)
Resistance levels - 0.8622 (5-DMA), 0.8664 (21-EMA), 0.87

Recommendation: Stay short on decisive break below 0.8555, SL: 0.8625, TP: 0.85/ 0.8430/ 0.8360

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