- NZD/CAD slips lower for 3rd straight session, bias bearish.
- The pair hovers around channel base at 0.9295, decisive break below will accentuate weakness.
- Technical indicators on intraday charts are bearish. Bearish divergence on RSI and Stochs adds to bearish bias.
- Price has broken below 20-DMA and break below channel base finds next support at 50-DMA at 0.9250.
- On the flipside, break above 5-DMA at 0.9335 will see upside till 20-DMA. Break above 20-DMA will see resumption of upside.
Support levels - 0.9250 (50-DMA), 0.9204 (Feb 28 low), 0.9181 (cloud top)
Resistance levels - 0.9335 (5-DMA), 0.9383 (20-DMA), 0.94
Recommendation: Watch out for break below channel base to go short.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -51.3413 (Neutral), while Hourly CAD Spot Index was at 44.3643 (Neutral) at 1130 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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