FxWirePro: NZD/CAD breaks below 200-DMA at 0.94, good to go short on rallies

• NZD/CAD has shown a decisive break of 200-DMA at 0.94, building scope for downside.
   
• Upside in the pair remains capped below daily cloud, price action rejected at cloud base at 0.9418.
   
• The pair is extending declines for 4th consecutive session, finds next major support at 0.9346 (Feb 14 low).
   
• Technical indicators support downside in the pair. RSI and Stochs are biased lower.
   
• Bearish invalidation only on a decisive close above 100-DMA at 0.9470.

Support levels - 0.9346 (Feb 14 low), 0.93, 0.9276 (Aug 19 low, 2016)

Resistance levels - 0.94 (200-DMA), 0.9470(100-DMA), 0.9491 (Feb 23 high), 0.95

TIME  TREND INDEX  OB/OS INDEX    

1H          Bearish               Neutral       
4H          Bearish               Neutral        
1D          Bearish               Neutral        
1W         Bearish               Neutral      

Recommendation: Good to go short on rallies around 0.94, SL: 0.9455, TP: 0.9350/ 0.93/ 0.9275. 

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -90.8268(Bearish), while Hourly CAD Spot Index was at 36.6122 (Neutral) at 0545 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.