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NZD/CAD chart on Trading View used for analysis
- NZD/CAD has retraced dip below 21-EMA support, bias remains bullish.
- The pair is trading lagely muted at 0.9116 at the time of writing. kiwi dented on dismal NZ Q3 GDP and risk-off market profile.
- Data released earlier today showed New Zealand Q3 GDP arrived at +0.3% q/q vs the 0.6% expected and 1.0% in Q2.
- For the y/y, GDP was up 2.6% missing forecasts at 2.8% compared to 3.2% prior, revised up from 2.8%.
- Technical indicators are biased lower for the day and bearish divergence on RSI and Stochs keeps scope for weakness.
- Break below 21-EMA to see dip till 23.6% Fib at 0.9035. Further weakness will see test of 200-DMA at 0.89.
Support levels - 0.91 (21-EMA), 0.9035 (23.6% Fib), 0.89 (200-DMA)
Resistance levels - 0.9133 (5-DMA), 0.92, 0.9270 (Upper BB)
Recommendation: Watch out for decisive break below 21-EMA to go short.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
