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NZD/CAD chart on Trading View used for analysis
- NZD/CAD is extending grind higher for the 4th straight session, trades 0.8588 at the time of writing.
- The pair has paused upside, finds stiff resistance at 55-EMA and daily cloud at 0.86.
- Break above 0.86 handle could propel the pair higher. Next major resistance lies at 110-EMA at 0.8712 ahead of 38.2% Fib at 0.8778.
- Technical analysis shows bullish bias. Price has broken and holds above 5-DMA and finds strong support at 20-DMA.
- RSI and Stochs are biased higher and MACD supports upside
Support levels - 0.8546 (5-DMA), 0.8535 (21-EMA), 0.8468 (Oct 24 low)
Resistance levels - 0.86 (daily cloud, 23.6% Fib and 55-EMA), 0.8658 (Oct 19/ 22 high), 0.8778 (38.2% Fib)
Recommendation: Stay long on break above 55-EMA, SL: 0.8530, TP: 0.8660/ 0.87/ 0.8775
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
