NZD/CAD chart on Trading View used for analysis
- NZD/CAD fails to hold break above 55-EMA on Tuesday's trade.
- The pair is extending grind higher for the 5th straight session, momentum still with the bulls.
- Price action finds stiff resistance at 0.86 handle, nearly converged 55-EMA and daily cloud base.
- Technical analysis shows bullish bias. We see no signs of reversal for the pair.
- 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.
- Break above 0.86 handle could propel the pair higher. Next major resistance lies at 110-EMA ahead of 38.2% Fib at 0.8778.
Support levels - 0.8563 (5-DMA), 0.8541 (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.
