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FxWirePro: USD/ZAR neutral in the near-term, scope for downward resumption

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FxWirePro: NZD/CAD Trade Idea

Monday, October 1, 2018 8:20 AM UTC

NZD/CAD chart on Trading View used for analysis

FxWirePro Currency Strength Index for NZD/CAD: Bias Bearish
FxWirePro's Hourly NZD Spot Index was at -28.0945 (Neutral)
FxWirePro's Hourly CAD Spot Index was at 112.407 (Bullish)

Technical Analysis: Bias Bearish
- Price action below major EMAs
- Upside capped at 55-EMA
- RSI and Stochs are sharply lower
- -ve DMI crossover on +ve DMI
- MACD on verge of bearish crossover

Support levels - 0.8427 (88.6% Fib), 0.8234 (Aug 2015 low)
Resistance levels - 0.85, 0.8585 (20-DMA)

Recommendation: Good to stay short on upticks, SL: 0.8585, TP: 0.8430/ 0.83/ 0.8235

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

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FxWirePro: NZD/CAD Trade Idea

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