FxWirePro: NZD/CAD breaks below 200-DMA, momentum studies bearish, 61.8% Fib at 0.8688 in sight

NZD/CAD chart - Trading View 

• NZD/CAD is extending downside after 'Tripple Top' formation on the daily charts.
   
• Price action has slipped below 200-DMA and we see scope for further weakness.
   
• Antipodeans depressed on dismal China data dump and escalating Sino-US trade dispute.
   
• China consumer spending rose 7.2% in April, missing expectations at 8.6%. Meanwhile, industrial production rose 5.4% in April, missing expectations for a print of 6.5%. 
   
• Momentum studies for the pair are bearish, Stochs and RSI are sharply lower. 
   
• Recovery attempts capped at 200-DMA. Price action has dipped into weekly cloud.
   
• Next major bear target lies at 0.8688 (61.8% Fib). Retrace above 200-DMA could see upside resumption.

Support levels - 0.8801 (50% Fib), 0.8688 (61.8% Fib), 0.8588 (Aug 30 low)

Resistance levels - 0.8853 (5-DMA), 0.8888 (200-DMA), 0.8915 (38.2% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.