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FxWirePro: NZD/CAD breaks above 20-DMA, bias higher, good to go long on dips

  • 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
 

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