FxWirePro: NZD/CAD extends range trade at 21-ema resistance, scope for resumption of weakness
Source: FxWire Pro - Technicals / 29 May 2019 06:46:34 Europe/London
NZD/CAD chart - Trading View
NZD/CAD trades slightly lower on the day at 0.8822 at 05:20 GMT.
The pair has paused upside at stiff resistance at 21-EMA (currently at 0.8833).
Break above 21-EMA required for further upside. Next bull target lies at 200-DMA at 0.8893.
RSI is below 50 and Stochastics RSI has approached overbought levels, we see scope for resumption of weakness.
Rejection at 21-EMA and break below 5-DMA will see dip till 61.8% Fib at 0.8688.
Bearish invalidation only above 200-DMA.
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