Refer NZD/CAD chart on Trading View
- NZD/CAD is extending range trade for the 3rd straight session, bias still bearish.
- Price hovers around Nov 17 lows at 0.8641. Spinning top and Doji formations suggest indecision.
- Recovery attempts capped at 5-DMA which is sharply lower. Break above with turn of indicators on intraday charts could see minor upside.
- Next major resistance above 5-DMA eyes 21-EMA. Breakout at 21-EMA could see further upside.
- On the flipside we see scope for test of 113% Fib extension at 0.8527 on continued weakness.
Support levels - 0.86, 0.8527 (113% Fib), 0.85
Resistance levels - 0.8669 (5-DMA), 0.87, 0.8741 (88.6% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-CAD-breaks-below-886-Fib-further-downside-on-cards-stay-short-1413845) has hit all targets.
Recommendation: Stay short on upticks, SL: 0.8741, TP: 0.86/ 0.8530/ 0.85
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -32.9275 (Neutral), while Hourly CAD Spot Index was at 27.0931 (Neutral) at 0745 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
