Technical Analysis of NZD/CAD for April 06, 2016
NZD/CAD is trading in a clear range where 2 key levels can be seen. The resistance is near 0.9090, and the support is near 0.8910. Overall, price broke above the 200 Moving average and currently is rejecting it.This could be a signal that the rate is preparing to go further up.
However, it is better to wait for the confirmation,which could be a trend line breakout, to enter a long position. Therefore consider buying NZD/CAD on the trend line breakout, targeting the nearest resistance area around 0.9090 and stop loss just below the 0.8900.
Support: 0.8910
Resistance: 0.9090
The material has been provided by InstaForex Company - www.instaforex.com
