FxWirePro: NZD/CAD Faces Strong Support at 0.8850, Good to Buy at Dips
- Major Resistance- 0.902
- Major support – 0.8850
- The pair has recovered after making a low of 0.88698. It is currently trading around 0.89404.
- NZD rebounds against all major pairs on account of better than expected inflation data .The consumer price index rose 0.2% compared to forecast of 0.1% which has decreased the chance of RBNZ rate cut.
- Short term trend is slightly bullish as long as support 0.8850 holds.
- The pair’s major resistance is around 0.9020 and any break above 0.8920 will take the pair to next level 0.906/0.9100/0.9118.
- On the lower side major support is around 0.8750 (Mar 23rd low) and break below targets confirms minor trend reversal a decline till 0.8700/0.8670 is possible. The minor support is around 0.888 (55 day 4H EMA).
It is good to buy at dips around 0.8900 with SL around 0.885 for the TP of 0.9000/0.9020.