FxWirePro: NZD/CAD Faces Resistance at 200 Day MA, Good to Sell on Rallies
6 May 2016, 13:54
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FxWirePro: NZD/CAD Faces Resistance at 200 Day MA, Good to Sell on Rallies
- Major Resistance - 0.8865 (200 day MA)
- NZD/CAD has declined after making a high of 0.8865. It is currently trading at 0.8785.
- Short term trend is still weak as long as resistance 0.8865 holds. Any indicative break above 0.8865 will take the pair to next level till 0.8925/0.8960/0.9000.
- Short term bearish invalidation only above 0.9060.
- On the lower side major support is around 0.8780 and break below targets 0.8725/0.8660.
It is good to sell on rallies around 0.8800 with SL around 0.8865 for the TP of 0.8725/0.8660
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