FxWirePro: NZD/CAD Trade Idea

NZD/CAD chart - Trading View 

Technical Analysis: Bias Bearish

- The pair has broken below 200-DMA, technical bias bearish
- GMMA indicator shows shift in trend, with shorter-term MAs crossing below longer-term MAs
- We see -ve DMI is dominant and rising in support of the downtrend
- Price action is below major moving averages and daily cloud
- Close below 200-DMA raises scope for dip till 61.8% Fib at 0.8688
- Retrace above 200-DMA could see test of 21-EMA at 0.8950. Break above 55-EMA negates bearish bias

Support levels - 0.8853 (Nov 12th 2018 low), 0.8801 (50% Fib), 0.8688 (61.8% Fib)
Resistance levels - 0.8897 (5-DMA), 0.8950 (21-EMA), 0.90 (55-EMA)

Recommendation: Stay short below 200-DMA, SL: 0.8950, TP: 0.88/ 0.8690

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