FxWirePro: NZD/CAD struggles to close below 110-EMA, sideways grind to continue

NZD/CAD chart on Trading View used for analysis

• NZD/CAD is trading at 0.8979, up 0.16% at 1225 GMT, bias neutral.
   
• The pair is extending sideways grind and is holding strong support at 110-EMA.
   
• We see weakness only on break below. Scope then for test of 38.2% Fib at 0.89.
   
• On the monthly charts, the pair has failed to close  below 0.89 for Jan and Feb.
   
• Technical studies suggest the pair will continue sideways grind in the range of 0.89 - 0.9120.
   
• We see immediate resistance at 55-EMA at 0.90. Break above to see further upside.

Support levels - 0.8910 (lower BB), 0.89, 0.8880 (200-DMA)

Resistance levels - 0.9010 (55-EMA), 0.9024 (5-DMA), 0.91

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