FxWirePro: NZD/CAD ignores gravestone Doji formation, breaks above daily cloud, bias higher

NZD/CAD chart on Trading View used for analysis

• NZD/CAD rejected at session lows at 0.8715, bias higher.
   
• Momentum studies are biased higher, RSI above 60, with room to run further.
   
• The pair has broken above daily cloud and 110-EMA and is on track for further gains.
   
• Bollinger Bands are widening, suggesting rising volatility, bulls eye next major resistance at 38.2% Fib at 0.8778.
   
• On the flipside, retrace below 110-EMA could see resumption of weakness. 

Support levels - 0.8711 (110-EMA), 0.8690 (5-DMA)

Resistance levels - 0.8778 (38.2% Fib), 0.8920 (50% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-CAD-Trade-Idea-1452805) is progressing well.

Recommendation: Stay long for targets.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.