NZD/CAD short setup
NZD/CAD slips below 0.91 handle, hits 11-week lows at 0.9060, bias bearish.
The pair has broken below daily cloud and 100-DMA, and break below 200-DMA will accentuate weakness.
Price action has broken below 200W SMA at 0.9114, close below adds to bearish bias.
Technical indicators on weekly charts have turned bearish. RSI has slipped below 50 and Stochs are sharply lower.
Next major support below 200-DMA lies at 61.8% Fib at 0.8976.
On the flipside, rejection at 200-DMA could see minor upside. Bearish invalidation only above daily cloud.
Support levels - 0.9063 (200-DMA), 0.90, 0.8976 (61.8% Fib)
Resistance levels - 0.9063 (5-DMA), 0.9114 (200W SMA), 0.9183 (nearly converged 38.2% Fib & 100-DMA)
Watch out for break below 200-DMA for further weakness, target 0.90/ 0.8975. Place SL at 0.9135
The pair has broken below daily cloud and 100-DMA, and break below 200-DMA will accentuate weakness.
Price action has broken below 200W SMA at 0.9114, close below adds to bearish bias.
Technical indicators on weekly charts have turned bearish. RSI has slipped below 50 and Stochs are sharply lower.
Next major support below 200-DMA lies at 61.8% Fib at 0.8976.
On the flipside, rejection at 200-DMA could see minor upside. Bearish invalidation only above daily cloud.
Support levels - 0.9063 (200-DMA), 0.90, 0.8976 (61.8% Fib)
Resistance levels - 0.9063 (5-DMA), 0.9114 (200W SMA), 0.9183 (nearly converged 38.2% Fib & 100-DMA)
Watch out for break below 200-DMA for further weakness, target 0.90/ 0.8975. Place SL at 0.9135
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