FxWirePro: NZD/CAD breaks above weekly cloud, eyes major trendline resistance at 0.9540

• NZD/CAD has shown a decisive break above weekly cloud at 0.9338.
   
• Price is extending higher after breakout at 200W SMA, we see scope for further gains.
   
• Technical studies are bullish. RSI and Stochs are biased higher. We see +ve DMI dominance.
   
• Break above weekly cloud has now raised scope for test of 61.8% Fib retrace of 0.9924 to 0.86417 fall at 0.9435 and then 0.9540 (major trendline).
   
• On the flipside, immediate support is seen at 0.9331 (5-DMA). Close below will see test of 20-DMA at 0.9243.
   
• Retrace and decisive close below 200-DMA at 0.9102 negates bullish bias.

Support levels - 0.9331 (5-DMA), 0.9243 (20-DMA), 0.92

Resistance levels - 0.9434 (61.8% Fib retrace of 0.9925 to 0.8641 fall)

Recommendation: Good to go long on dips around 0.9370/0.94, SL: 0.9270, TP: 0.9430/ 0.95/ 0.9540/ 0.9650.

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