- NZD/CAD is extending upside for 6th straight session, trades 0.28% higher on the day.
- The pair is testing 61.8% Fib retrace of 0.9924 to 0.86417 fall at 0.9435, has hit session highs at 0.9438 before paring some gains to currently trade at 0.9412 levels.
- Decisive break above weekly cloud at 0.9338 and 200W SMA has raised scope for further gains.
- Technical studies are bullish. RSI and Stochs are biased higher. We see +ve DMI dominance.
- Next major bull target lies at 0.9540 (major trendline). Breakout there could see further upside.
- On the flipside, immediate support is seen at 0.9359 (5-DMA). Close below will see test of 20-DMA at 0.9258.
- Retrace and decisive close below 200-DMA at 0.9102 negates bullish bias.
Support levels - 0.94, 0.9359 (5-DMA), 0.9258 (20-DMA), 0.92
Resistance levels - 0.9434 (61.8% Fib retrace of 0.9925 to 0.8641 fall), 0.95, 0.9540 (trendline)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-NZD-CAD-breaks-above-weekly-cloud-eyes-major-trendline-resistance-at-09540-1184963) has hit TP1.
Recommendation: Book partial profits at highs. Hold for further upside.
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