NZD/CAD short setup
NZD/CAD has shown a break below major trendline support at 0.9370, bias lower.
Recovery attempts in the pair were rejected at 200-DMA and Technical indicators support downside.
Upside on the day remains capped below 5-DMA and stiff resistance also seen at 50-DMA at 0.9382.
We see scope for test of 0.9317 (Apr 27 low). Further weakness will drag the pair lower to 0.9175 (trendline).
Bearish divergence on RSI and Stochs adds to downside bias. Bearish invalidation on close above 200-DMA at 0.9448.
Support levels - 0.9318 (Apr 27 low), 0.9278 (Mar 31 low), 0.9175 (trendline)
Resistance levels - 0.9382 (50-MA), 0.9388 (5-DMA), 0.9412 (cloud top)
Good to go short on close below trendline at 0.9370, SL: 0.9415, TP: 0.9320/ 0.9275/ 0.92
Recovery attempts in the pair were rejected at 200-DMA and Technical indicators support downside.
Upside on the day remains capped below 5-DMA and stiff resistance also seen at 50-DMA at 0.9382.
We see scope for test of 0.9317 (Apr 27 low). Further weakness will drag the pair lower to 0.9175 (trendline).
Bearish divergence on RSI and Stochs adds to downside bias. Bearish invalidation on close above 200-DMA at 0.9448.
Support levels - 0.9318 (Apr 27 low), 0.9278 (Mar 31 low), 0.9175 (trendline)
Resistance levels - 0.9382 (50-MA), 0.9388 (5-DMA), 0.9412 (cloud top)
Good to go short on close below trendline at 0.9370, SL: 0.9415, TP: 0.9320/ 0.9275/ 0.92
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