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NZD/CAD chart on Trading View used for analysis
- NZD/CAD trades rangebound on the day at 0.9144 at the time of writing.
- The pair is extending sideways grind at strong support at 21-EMA. Break below will see further weakness.
- Technical indicators are biased lower for the day and bearish divergence on RSI and Stochs keeps scope for weakness.
- Break below 21-EMA to see dip till 23.6% Fib at 0.9035. Further weakness will see test of 200-DMA at 0.89.
- Indicators are slowly turning, decisive close above 5-DMA could see resumption of upside. Scope then for test of 0.9250 (Dec 19 high)
Support levels - 0.91 (21-EMA), 0.9035 (23.6% Fib), 0.89 (200-DMA)
Resistance levels - 0.9150 (5-DMA), 0.92, 0.9238 (Upper BB), 0.9250 (Dec 19 high)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
