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FxWirePro: NZD/CAD breaks major support at 0.9290, near-term bias bearish

  • NZD/CAD has breached major trendline support at 0.9290. Near-trem bias is bearish.
     
  • The pair is currently holding above minor support at 0.9211 (July 1st lows). Downside to resume on break below.
     
  • Techs on daily charts are bearish. Stochs and RSI are biased south, a bearish MACD line crossover on signal line seen.
     
  • Supports on the downside are seen at 0.9211 (July 1st lows), 0.92 and then 0.9136 (June 28th low).
     
  • Resistance on the flipside is seen at 0.9275 (20-DMA), 0.93 and then at 0.9311 (trendline).

Recommendation: We recommend selling rallies around 0.9275, SL: 0.9315, TP: 0.92/0.9140
 

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