FxWirePro: NZD/CAD Trade Idea

FxWirePro Currency Strength Index for NZD/CAD: Bias Bearish

FxWirePro's Hourly NZD Spot Index was at -128.524(Neutral)

FxWirePro's Hourly CAD Spot Index was at 125.561 (Bearish)

Technical Analysis: Bias Bearish

- Price action has broken below 200-DMA

- RSI shows strong bearish bias, below 30 levels

- -ve DMI dominance and ADX rising in support

- MACD well below zero levels

Support levels - 0.8976 (61.8% Fib), 0.8859 (Jan 5 low), 0.8829 (78.6% Fib)

Resistance levels - 0.9043 (5-DMA), 0.9058 (200-DMA), 0.9080 (50% Fib)

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 all targets.

Recommendation: Good to go short on rallies around 0.9010/20, SL: 0.9070, TP: 0.8980/ 0.89/ 0.8860

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