NZD/CAD eyes 88.6% Fib at 0.8741, stay short
NZD/CAD is extending grind lower, remains capped below 5-DMA at 0.8843.
The pair has broken 78.6% Fib at 0.8829, raising scope for further downside.
The major has faded spike post New Zealand’s budget release, slips lower from session highs at 0.8850.
NZD on the defensive on dampening data for the New Zealand economy and markets are likely pushing out expectations of any rate hikes from RBNZ into 2019.
The pair trades with a bearish momentum, price has dipped into the monthly cloud.
Next major support on the downside lies at 0.8740 (nearly converged trendline and 88.6% Fib).
Violation there could see further downside. Next major bear target lies at 0.8655 (major trendline).
On the flipside, 5-DMA is immediate resistance, break above could see minor bullishness. Bearish invalidation only above 21-EMA at 0.8993.
Support levels - 0.8740 (nearly converged trendline and 88.6% Fib), 0.87, 0.8681 (Dec 4 low)
Resistance levels - 0.88, 0.8843 (5-DMA), 0.89, 0.8976 (61.8% Fib)
Good to go short on rallies around 0.88/0.8810, SL: 0.8850, TP: 0.8740/ 0.87/ 0.8660
The pair has broken 78.6% Fib at 0.8829, raising scope for further downside.
The major has faded spike post New Zealand’s budget release, slips lower from session highs at 0.8850.
NZD on the defensive on dampening data for the New Zealand economy and markets are likely pushing out expectations of any rate hikes from RBNZ into 2019.
The pair trades with a bearish momentum, price has dipped into the monthly cloud.
Next major support on the downside lies at 0.8740 (nearly converged trendline and 88.6% Fib).
Violation there could see further downside. Next major bear target lies at 0.8655 (major trendline).
On the flipside, 5-DMA is immediate resistance, break above could see minor bullishness. Bearish invalidation only above 21-EMA at 0.8993.
Support levels - 0.8740 (nearly converged trendline and 88.6% Fib), 0.87, 0.8681 (Dec 4 low)
Resistance levels - 0.88, 0.8843 (5-DMA), 0.89, 0.8976 (61.8% Fib)
Good to go short on rallies around 0.88/0.8810, SL: 0.8850, TP: 0.8740/ 0.87/ 0.8660
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