NZD/CAD has shown a decisive break above 200-DMA at 0.9111, bias bullish.
The pair is trading in a rising channel and we see scope for test of channel top at 0.9290.
Technical indicators support higher, momentum studies are bullish and we see +ve DMI dominance.
Breakout at channel top can propel the pair higher. Scope then for test of 61.8% Fib at 0.9331 ahead of 0.9416 (July 27 high).
Immediate support lies at 5-DMA at 0.9142, break below could see re-test of 200-DMA.
Breach at 200-DMA support at 0.9111 invalidates bullish bias.
Support levels - 0.9142 (5-DMA), 0.9111 (200-DMA), 0.9097 (20-DMA)
Resistance levels - 0.9295 (channel top), 0.9331 (61.8% Fib), 0.9416 (July 27 high)
Good to go long on dips around 0.9180/90, SL: 0.91, TP: 0.9295/ 0.9330/ 0.94.
The pair is trading in a rising channel and we see scope for test of channel top at 0.9290.
Technical indicators support higher, momentum studies are bullish and we see +ve DMI dominance.
Breakout at channel top can propel the pair higher. Scope then for test of 61.8% Fib at 0.9331 ahead of 0.9416 (July 27 high).
Immediate support lies at 5-DMA at 0.9142, break below could see re-test of 200-DMA.
Breach at 200-DMA support at 0.9111 invalidates bullish bias.
Support levels - 0.9142 (5-DMA), 0.9111 (200-DMA), 0.9097 (20-DMA)
Resistance levels - 0.9295 (channel top), 0.9331 (61.8% Fib), 0.9416 (July 27 high)
Good to go long on dips around 0.9180/90, SL: 0.91, TP: 0.9295/ 0.9330/ 0.94.
Note
All targets hit..
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.