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NZD/CAD chart on Trading View used for analysis
- NZD/CAD is hovering around 0.90 handle, trades 0.09% higher on the day.
- The pair is consolidating gains after break above 200-DMA, scope for further upside.
- Technical studies are supportive of further gains. Momentum with the bulls.
- MACD also supports upside in the pair. We see +ve DMI dominance and ADX is also rising in support of upside.
- Next bull target lies at 61.8% Fib at 0.9061. Break above targets 200W SMA at 0.9079.
- On the flipside, immediate support lies at 200-DMA at 0.8934. Retrace below could see weakness.
Support levels - 0.8945 (5-DMA), 0.8934 (200-DMA), 0.8857 (Nov 12 low)
Resistance levels - 0.9061 (61.8% Fib), 0.9079 (200W SMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-CAD-200-DMA-breakout-raises-scope-for-upside-618-Fib-at-09061-in-sight-stay-long-1457825) has hit TP1.
Recommendation: Book partial profits at highs, stay long for further upside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
