• FxWirePro: NZD/CAD struggles at 200-dma, break above required for further upside

    Source: FxWire Pro - Technicals / 24 Jan 2018 06:44:52   Eastern Standard Time

    • NZD/CAD struggles at 200-DMA at 0.9137, break above to see further upside.
       
    • The pair has edged lower from fresh 5-month highs at 0.9173 and is currently trading at 0.9138 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 0.90 is strong support, we see weakness only on break below.

    Support levels - 0.9108 (5-DMA), 0.9068 (38.2% Fib retrace of 0.9758 to 0.8641 fall), 0.90 (20-DMA), 0.8905 (23.6% Fib)

    Resistance levels - 0.9137 (200-DMA), 0.92 (50% Fib), 0.9331 (61.8% Fib)

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