FxWirePro: NZD/CAD finds stiff resistance at 0.9146 (200-DMA), good to go long on break above

• NZD/CAD has paused upside of 4 successive sessions, trades in narrow range.
   
• The pair has broken out of range trade since mid-December and is extending upside.
   
• Price action is holding above daily cloud and 100-DMA which are major supports.
   
• The pair finds stiff resistance at 200-DMA at 0.9146. Breakout at 200-DMA could propel the pair higher.
   
• Scope then for test of 0.92 and then 0.9331 (61.8% Fib) levels.
   
• On the flipside, break below immediate support at 5-DMA could see weakness upto 20-DMA at 0.8952. Bullish invalidation seen below 100-DMA.

Support levels - 0.9068 (38.2% Fib retrace of 0.9758 to 0.8641 fall), 0.9008 (5-DMA), 0.8953 (20-DMA)

Resistance levels - 0.9146 (200-DMA), 0.92, 0.9331 (61.8% Fib)

Recommendation: Watch out for decisive break at 200-DMA to go long

FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 66.9709 (Neutral), while Hourly CAD Spot Index was at -96.3844 (Bearish) at 1040 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest