- 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.
