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FxWirePro: NZD/CAD Trade Idea

Wednesday, October 4, 2017 10:40 AM UTC

FxWirePro's Hourly NZD Spot Index: -146.455 (Bearish)

FxWirePro's Hourly CAD Spot Index: 112.169 (Bullish)

Trend for NZD/CAD - Bearish

Technical Studies: Bias Bearish

- Stocks and RSI biased lower, RSI below 50.

- Upside capped below major trendline resistance currently at 0.9020.

- Price action below daily cloud and major moving averages.

Support levels - 0.8923 (20-DMA), 0.8880 (Sept 27 low), 0.8750 (trendline)

Resistance levels - 0.8969 (5-DMA), 0.8980 (23.6% Fib retrace of 0.9758 to 0.8740 fall), 0.9020 (falling trendline)

Recommendation: Good to go short on rallies around 0.8960/70, SL: 0.9020, TP: 0.8925/ 0.89/ 0.8880/ 0.88

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FxWirePro: NZD/CAD Trade Idea

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