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NZD/CAD chart on Trading View used for analysis
- NZD/CAD is trading 0.29% higher on the day at 0.9117 at the time of writing.
- The pair finds strong support at 21-EMA at 0.9086, break below will see weakness.
- Technical studies support downside. Stochs and RSI are biased lower.
- We evidence bearish divergence on RSI and Stochs which adds to the bearish bias.
- New Zealand Q3 GDP figures (due Wed) will drive price action if there is any significant surprise. Markets expect Q3 GDP to edge lower to 0.6% from 1.0% in the previous quarter.
- Focus also on Bank of Canada's (BoC) Consumer Price Index due Wednesday for further direction.
- Immediate support below 21-EMA lies at 23.6% Fib at 0.9035. Further weakness will see test of 200-DMA at 0.8914.
- 5-DMA at 0.9143 is immediate resistance. Decisive break above could see further upside.
Support levels - 0.9084 (21-EMA), 0.9035 (23.6% Fib), 0.90, 0.8914 (200-DMA)
Resistance levels - 0.9143 (5-DMA), 0.92, 0.9251 (Dec 11 high)
Recommendation: Watchout for break below 21-EMA to go short, target 200-DMA at 0.8914.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
