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.
