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FxWirePro: NZD/CAD breaks trendline support at 0.9075, hits fresh 2-month lows at 0.8887

NZD/CAD has broken below strong trendline support at 0.9075 and hit fresh 2-month lows at 0.8887 in today's trade.

  • Next support for the pair lies at 0.8850, breaks below could see downside upto 0.8780 levels.
     
  • Techs point further downside, RSI and MACD are biased lower. Price action well below the cloud and we see a 5-DMA bearish crossover on 10-DMA.
     
  • Immediate support lies at 0.8887 (session lows) and then 0.8850 (Dec 2nd lows). 
     
  • Resistance on the upside is seen at 0.8932 (channel base) and the 0.8948 (Dec 7th highs).
     
  • Our previous call (http://www.econotimes.com/FxWirePro-NZD-CAD-upside-capped-at-09226-good-to-sell-rallies-166398) has hit targets.
     

Recommendation: Book profits and exit trade. Good to take fresh shorts below 0.8850, then target 0.88/0.8730

 

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