- NZD/CAD has shown a decisive break above weekly cloud at 0.9338.
- Price is extending higher after breakout at 200W SMA, we see scope for further gains.
- Technical studies are bullish. RSI and Stochs are biased higher. We see +ve DMI dominance.
- Break above weekly cloud has now raised scope for test of 61.8% Fib retrace of 0.9924 to 0.86417 fall at 0.9435 and then 0.9540 (major trendline).
- On the flipside, immediate support is seen at 0.9331 (5-DMA). Close below will see test of 20-DMA at 0.9243.
- Retrace and decisive close below 200-DMA at 0.9102 negates bullish bias.
Support levels - 0.9331 (5-DMA), 0.9243 (20-DMA), 0.92
Resistance levels - 0.9434 (61.8% Fib retrace of 0.9925 to 0.8641 fall)
Recommendation: Good to go long on dips around 0.9370/0.94, SL: 0.9270, TP: 0.9430/ 0.95/ 0.9540/ 0.9650.
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