As the USD/CAD lost momentum again ahead of 1.34596 resistance last week, we'd stay cautious on the resistance from 1.34596 to bring another falling leg to extend the consolidation from there. Below 1.3223 minor support will turn bias back to the downside for 1.3037 support. Break there will target 1.2830 support and possibly below.
The rebound from 1.5026 should have completed and fall from 1.5929 is possibly resuming. Initial outlook for this week remains on the downside for 1.5026. Break will confirm this bearish case and would target 1.4565 low. Before that, the price may experience another rebound from the support at January 3rd's low 1.49469 to the minor resistance @ 1.5135. Above...
The outlook for this week is initially upside for a test on 0.7381 resistance and this could limit the upside momentum and bring down trend resumption. Break below minor support @0.7152 will turn bias to the down side for the next support @0.7015 first.
Deeper decline is still expected as long as the key resistance @1.5508 holds. Break below minor support @1.5153 will turn the bias down to test the next support @1.5026 and break there will extend the bigger fall from 1.5929. However break above the key resistance will turn focus back to the resistance @1.5929 again.
Initial bias for the next week is neutral for EURNZD. The pair traded in a range between 1.65711 and the strong support of December 2005'5 low @1.6211. Break below the current support could test the support @1.58260 but as long as it holds above the current support, we should follow the bull and the next target could then be the 50% retracement of the longer term...
Initial bias for the next week is neutral but we will stay medium term bullish as long as the price holds above the support @0.9987. Break above the strong resistance will confirm the long term trend reversal and will target to the next resistance @1.1288
Price tested 38.2% from the last swing and 23.6% from the middle swing. Still we have to look for the 50% from the last swing which will be the 23.6% from the first swing and if it reaches there, it will test the rend line support. Patience is the key of success....
First target is long term trend line resistance level @ 2.38860
Second target is long term resistance level @ 2.41206 which is December 2005's and February 2008's bottom.https://www.tradingview.com/x/rwT3JFUk/
As Kiwi is trading in a clear down trend in the daily chart, I am looking for selling opportunity with a short term setup. Also it has tested a strong support on February, August 2007, and May and June 2010's bottom. There is a good chance of breaking that support as USD will likely get strengthened more in coming weeks.
This pair still looks bullish for long term traders but the short term traders can take some advantages of the overbought market and we can watch for the break of Trend line support in 4hrs chart for shorting opportunity. If the price breaks above March 2009's high, we can happily continue on buying this market.
After two and a half months of continuous buying, the pair seems loosing it's buying pressure with a monthly overbought condition and testing it's trend line resistance plus a strong resistance on December 2005 and February 2008's low. A drop from here is likely to happen but if the price breaks above the resistance, it has no restriction for going long again.