NZDCAD (1H) - intraday bullish bias
The kiwi bounced back from the previous low near 0.8250 after a divergent RSI hinted at the possibility of a reversal. The bullish MA cross was the confirmation that buyers have taken control of the action. We expect the rally to carry on towards the psychological level of 0.8400. The averages may provide further support when the price looks for consolidation. The RSI indicator is showing decelerating momentum and profit-takings are likely to occur above 0.8400.
Key support: 0.8330
Key resistance: 0.8400
The kiwi bounced back from the previous low near 0.8250 after a divergent RSI hinted at the possibility of a reversal. The bullish MA cross was the confirmation that buyers have taken control of the action. We expect the rally to carry on towards the psychological level of 0.8400. The averages may provide further support when the price looks for consolidation. The RSI indicator is showing decelerating momentum and profit-takings are likely to occur above 0.8400.
Key support: 0.8330
Key resistance: 0.8400