FxWirePro: NZD/CAD recovery capped at 55-EMA, further gains only on break above

NZD/CAD chart on Trading View used for analysis

• NZD/CAD edges higher for the 2nd straight session, trades 0.17% higher at 1000 GMT.
   
• Price action is holding support at daily cloud and break below will see further weakness.
   
• Upside is capped at 55-EMA and any further gains only on decisive break above.
   
• Momentum studies are bearish and also a bearish divergence keeps scope for weakness.
   
• Break into daily cloud eyes next major support at 200-DMA at 0.8890.
   
• On the flipside, major resistance above 55-EMA lies at 21-EMA at 0.9052.

Support levels - 0.8947 (cloud top), 0.8913 (110-EMA), 0.8890 (200-DMA)

Resistance levels - 0.8983 (55-EMA), 0.90, 0.9035 (23.6% Fib)

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