FxWirePro: NZD/CAD pauses at 0.87 handle, momentum studies bearish

NZD/CAD chart - Trading View 

NZD/CAD has paused downside at 0.87 handle, bias remains bearish.

The pair has turned lower after 'Triple Top' formation and is verge of forming a big M pattern.

Price action has broken below 200-DMA and is on track to test 61.8% Fib at 0.8688.

Volatility is rising (Bollinger Bands are widening), major moving averages are biased lower. 

Break below 61.8% Fib will see weakness till 78.6% Fib at 0.8527.

Immediate resistance lies at 5-DMA at 0.8754. Bearish invalidation above 200-DMA.

Support levels - 0.8688 (61.8% Fib), 0.86, 0.8527 (78.6% Fib)

Resistance levels - 0.8754 (5-DMA), 0.88 (50% Fib), 0.8889 (200-DMA)

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