- NZD/CAD has shown a decisive breakout above 200-DMA, bias remains higher.
- The pair has steered clear of major trendline resistance at 0.95 levels.
- Technical studies are pointing for further gains in the pair.
- RSI is strong at 63 levels with scope for further upside, while Stochs are also supporting upside.
- Ths pair has broken above weekly cloud top at 0.9498, and Bollinger Bands are expanding.
- We see scope for test of 61.8% Fib at 0.9636. Bullish invalidation on close below 200-DMA at 0.9454.
Support levels - 0.9509 (5-DMA), 0.9454 (200-DMA), 0.9416 (May 25 low)
Resistance levels - 0.9609 (Feb 28 high), 0.9636 (61.8% Fib), 0.9653 (Feb 7 high)
Recommendation: Good to go long on dips around 0.9530, SL: 0.9465, TP: 0.96/ 0.9635
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 163.274 (Bullish), while Hourly CAD Spot Index was at -36.3336 (Neutral) at 0720 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
