- NZD/CAD has managed to close above 100-DMA for 2 consecutive sessions and is currently holding gains above.
- Technical studies are slightly bullish, we see weakness on close below 100-DMA.
- Violation at 100-DMA could see drag upto 0.93 levels.
- Upside intact as long as 100-DMA support holds, we see scope for test of 0.96 (20-DMA).
- Break above 20-DMA could see upside upto 0.9735.
- Support levels - 0.9483 (1H 100-SMA), 0.9474 (100-DMA), 0.94
- Resistance levels - 0.9569 (Nov 28 high), 0.9607 (20-DMA), 0.9735 (Sept 20 high).
Recommendation: Good to go long on dips around 0.9485, SL: 0.94, TP: 0.9510/ 0.9570/ 0.96
FxWirePro's Hourly NZD Spot Index was at 133.524 (Highly bullish), while Hourly CAD Spot Index was at -26.748 (Neutral) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
