- NZD/CAD is struggling to take gains beyond 20-DMA at 0.9475. We see Doji formation on daily charts.
- The pair unable to hold break above 100-DMA at 0.9465, edges lower to currently trade at 0.9458.
- Bias still slightly bullish, break above 20-DMA could see test of 0.9585 (falling trendline resistance).
- The pair has held major support by 200-DMA at 0.9370 and bounced higher, trend reversal only on break below 200-DMA.
- RSI flatlined but above 50 level, Stochs have rolled over from oversold and MACD is on verge of a bullish crossover on signal line.
Support levels - 0.9427 (5-DMA), 0.9377 (200-DMA), 0.9346 (Feb 14 low)
Resistance levels - 0.9465 (100-DMA), 0.9475 (20-DMA), 0.9564 (cloud top)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-NZD-CAD-bounces-off-200-DMA-at-09370-bias-higher-stay-long-552479) has hit TP1&2.
Recommendation: Book partial profits, raise trailing stops to 0.9425, hold for upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 32.7651(Neutral), while Hourly CAD Spot Index was at -48.7902 (Neutral) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
