- NZD/CAD has bounced off major trendline support at 0.9285 with a hammer formation.
- The pair has broken above 20-DMA, bias higher.
- Technicals are slightly bullish, RSI and stochs are biased higher.
- 100-DMA at 0.9413 is next immediate resistance. Further bullishness only on break above.
- Violation at 100-DMA could see test of 0.9495 (falling trendline).
Support levels - 0.9358 (5-DMA), 0.9295 (trendline), 0.9278 (March 31 low)
Resistance levels - 0.9413 (100-DMA), 0.9448 (Mar 27 high), 0.9495 (trendline)
Recommendation: Good to go long on dips around 0.9360, SL: 0.9295, TP: 0.9415/ 0.9450/ 0.9475
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 115.514 (Bullish), while Hourly CAD Spot Index was at -96.1707 (Bearish) at 1220 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
