NZD/CAD rejected at 100-DMA, 55-EMA break opens up downside
NZD/CAD attempts to break above 100-DMA have been rejected at multiple occassions since June 5th trade.
Price has now broken below strong support at 55-EMA which has opened up downside for the pair.
Technical indicators have also turned bearish. RSI below 50 levels, bias lower.
Stochs are sharply lower and MACD is on verge of a bearish crossover on signal line.
Next immediate support lies at 0.9058 (38.2% Fib). Break below could see weakness till cloud base.
On the upside, 5-DMA at 0.9133 is immediate resistance. Break above 100-DMA needed for meaningful gains.
Support levels - 0.9058 (38.2% Fib), 0.9006 (50% Fib), 0.8955 (61.8% Fib and cloud base)
Resistance levels - 0.9094 (55-EMA), 0.9131 (5-DMA), 0.9173 (100-DMA)
Good to go short on close below 55-EMA, SL: 0.9175, TP: 0.9060/ 0.90/ 0.8955
Price has now broken below strong support at 55-EMA which has opened up downside for the pair.
Technical indicators have also turned bearish. RSI below 50 levels, bias lower.
Stochs are sharply lower and MACD is on verge of a bearish crossover on signal line.
Next immediate support lies at 0.9058 (38.2% Fib). Break below could see weakness till cloud base.
On the upside, 5-DMA at 0.9133 is immediate resistance. Break above 100-DMA needed for meaningful gains.
Support levels - 0.9058 (38.2% Fib), 0.9006 (50% Fib), 0.8955 (61.8% Fib and cloud base)
Resistance levels - 0.9094 (55-EMA), 0.9131 (5-DMA), 0.9173 (100-DMA)
Good to go short on close below 55-EMA, SL: 0.9175, TP: 0.9060/ 0.90/ 0.8955
Comment:
All targets hit
