FxWirePro: NZD/CAD Trade Idea

NZD/CAD chart on Trading View used for analysis

FxWirePro Currency Strength Index for NZD/CAD: Bias Bullish
FxWirePro's Hourly NZD Spot Index was at 96.7999 (Bullish)
FxWirePro's Hourly CAD Spot Index was at -129.028 (Bearish)

Technical Analysis: Bias Bullish
- Extends gains for 4th straight session, breaks above 5-DMA
- RSI has rolled over from oversold levels, bias higher
- MACD shows bullish crossover on signal line
- Stochs are on verge of rollover from oversold levels
- 20-DMA is immediate resistance, break above targets 23.6% Fib at 0.8604

Support levels - 0.8389 (5-DMA), 0.8321 (Oct 8 low), 0.83 (lower BB)
Resistance levels - 0.8505 (20-DMA), 0.8596 (50-DMA), 0.8604 (23.6% Fib)

Recommendation: Stay long on dips, SL: 0.8385, TP: 0.85/ 0.8595/ 0.8615

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