- NZD/CAD is testing 200-DMA resistance at 0.9138, bias higher.
- The pair has hit highs of 0.9147 before paring gains to currently hover at 0.9130 levels.
- We see major upside only on breakout at 200-DMA. Scope then for test of 16.8% Fib at 0.9331.
- Technical studies support trend higher, RSI converging nicely with price action.
- We see +ve DMI dominance and momentum studies are also bullish.
- 20-DMA at 0.8990 is strong support, we see weakness on break below.
Support levels - 0.9089 (5-DMA), 0.9068 (38.2% Fib retrace of 0.9758 to 0.8641 fall), 0.8990 (20-DMA), 0.8905 (23.6% Fib)
Resistance levels - 0.9138 (200-DMA), 0.92 (50% Fib), 0.9331 (61.8% Fib)
FxWirePro Currency Strength Index: FxWirePro's Hourly NZD Spot Index was at 119.359 (Bullish), while Hourly CAD Spot Index was at -111.299 (Bearish) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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