FxWirePro: NZD/CAD tests 200-DMA at 0.9063, break below to accentuate weakness

• NZD/CAD slips below 0.91 handle, hits 11-week lows at 0.9060, bias bearish.
   
• The pair has broken below daily cloud and 100-DMA, and break below 200-DMA will accentuate weakness.
   
• Price action has broken below 200W SMA at 0.9114, close below adds to bearish bias.
   
• Technical indicators on weekly charts have turned bearish. RSI has slipped below 50 and Stochs are sharply lower.
   
• Next major support below 200-DMA lies at 61.8% Fib at 0.8976.
   
• On the flipside, rejection at 200-DMA could see minor upside. Bearish invalidation only above daily cloud.

Support levels - 0.9063 (200-DMA), 0.90, 0.8976 (61.8% Fib)

Resistance levels - 0.9063 (5-DMA), 0.9114 (200W SMA), 0.9183 (nearly converged 38.2% Fib & 100-DMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-CAD-breaks-below-daily-cloud-eyes-200-DMA-at-09065-good-to-short-rallies-1273062) has hit TP1/2.

Recommendation: Book partial profits at lows. Watch out for break below 200-DMA for further weakness.

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