FxWirePro
Long

NZD/CAD technicals, fundamental and trade perspectives

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
177 0 9
Kiwis dollar inches higher as RBNZ’s OCR to remain on hold, NZD/CAD likely to retest all-time highs – One touch calls for opulence:

NZDCAD             has tested supports at 0.9586 levels (7DMAs) to bounce back after yesterday’s failure swings when it hit all-time highs of 0.9659 levels, bearish pressures were only panicky trades or timely corrections in short term trend as you can make out from the daily charts (every now and then dips are observed in uptrend which is healthy).

More notably, this price behaviour is substantiated by mammoth volume generation.

The current prices are consistently holding stronger supports at 7DMA, Upswings likely to drag further to the retest of all-time highs.

RSI shows positive convergence above 62 levels on daily and above 61 levels on monthly which is a very healthy sign for the robust bull trend, while same is the case with the slow stochastic curve, bullish crossover at the oversold zone.

MACD on both time frames evidences bullish crossover above zero levels, this signals uptrend likely to prolong in the days to come.

While the NZ             dollar edged higher against its U.S. counterpart during early Asian trading sessions as the OCR is biased lower, but like the consensus and market, we don’t expect action at the OCR Review on Thursday.

Further easing will be signalled – the NZD is too deflationary to ignore, and doing nothing would send it further skyward – but the RBNZ has shown a preference to move on Monetary Policy Statement dates.

Well, overall what we are trying to emphasize in this write up is that the bullish signal which has never been isolated as a technical call, but backed up by fundamental factors as well for the long term investments showing exposure in this pair.

The recommendation for short-term aggressive bulls - initiate longs in one touch binary calls for minimum targets of 30-35 pips.

Using binaries, the trader has the opportunity to speculate with the abundant returns than spot FX if an asset’s price would keep rising as stated above within the certain period of time. Please be noted that this is exclusively on speculative grounds, should not be rolled over.
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