- NZD/CAD struggles to extend gains above 100-DMA, bias remains bullish.
- Momentum indicators support upside, Stochs sharply higher.
- Price action in the pair has entered daily cloud. We see +ve DMI dominance and MACD supports trend higher.
- The pair is extending gains above 200-DMA and hovers around 50% Fib retracement.
- Break above 100-DMA likely to test cloud top. Breakout above daily cloud to see extension of momentum.
- On the flipside, rejection at 100-DMA could see weakness till 200-DMA at 0.9026. Violation at 200-DMA to negate bullish bias.
Support levels - 0.9111 (5-DMA), 0.9073 (55-EMA), 0.9026 (200-DMA)
Resistance levels - 0.9166 (100-DMA), 0.92, 0.9238 (61.8% Fib)
Recommendation: Good to go long on break above 100-DMA, SL: 0.9110, TP: 0.92/ 0.9240/ 0.93
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