FxWirePro: NZD/CAD Near-Term Outlook

NZD/CAD chart on Trading View used for analysis

• NZD/CAD is trading in a narrow range on the day, holds above 5-DMA support.
   
• The pair has been on an uptrend since beginning of October and has broken above 200W SMA.
   
• Price action extends in 'Falling Triangle' pattern and the pair is trading shy of Triangle top at 0.9280.
   
• Momentum studies on weekly charts are biased higher. Break above Triangle Top could propel the pair higher.
   
• That said, we see a bearish divergence on RSI and Stochs on the daily charts which keeps scope for minor pullbacks.
   
• Immediate support lies at 5-DMA at 0.9192. Major weakness only below 200W SMA at 0.9077. 
   
• Breakout at Triangle Top eyes 78.6% Fib retracement at 0.7581. 

Support levels - 0.9192 (5-DMA), 0.9085 (20-DMA), 0.9077 (200W SMA)

Resistance levels - 0.9256 (Dec 6 high), 0.9280 (Triangle top), 0.93

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