- NZD/CAD in the red for the fourth successive week, bias still lower.
- The pair finds immediate strong support at 0.9198 (weekly 100-SMA).
- Technical studies on weekly charts support downside. RSI is below 50 levels and biased lower.
- MACD is showing a bearish crossover on signal line and Stochs are pointing south.
- Break below weekly 100-SMA at 0.9198 will see drag upto 0.90 levels.
Support levels - 0.9198 (weekly 100-SMA), 0.9112 (61.8% Fib), 0.9052 (June 24 low)
Resistance levels - 0.9280 (5-DMA), 0.9412 (20-DMA), 0.9451 (200-DMA)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-CAD-fails-to-hold-break-above-200-DMA-bias-bearish-792382) has hit all targets.
Recommendation: Watch out for break below 0.9198 to go short, SL: 0.9280, TP: 0.9112/ 0.9055
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at -29.8662 (Neutral), while Hourly CAD Spot Index was at 72.5235 (Neutral) at 0915 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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