NZD/CAD chart on Trading View used for analysis
- NZD/CAD extends range trade at 55-EMA support.
- Positive news related to the US-China trade war alongside China's announcement of more stimulus measures coming from the banking sector support antipodeans.
- Back-to-back spinning top formations suggest lack of direction.
- Price action has slipped below 21-EMA support and bearish divergence on RSI and Stochs keeps bearish bias.
- Upside lacks traction, doji formation seen on daily candle. Immediate resistance lies at 5-DMA. Break above to see minor upside.
- Break below 55-EMA to see dip till next bear target at 200-DMA at 0.89. Violation there will see test of 61.8% Fib at 0.8678.
Support levels - 0.8988 (55-EMA), 0.89 (converged 200-DMA and 38.2% Fib), 0.8789 (50% Fib), 0.8678 (61.8% Fib)
Resistance levels - 0.9048 (5-DMA), 0.9087 (21-EMA), 0.92, 0.9256 (Dec high)


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