NZD/CAD broke the support line visible best on the daily chart. The pair went below 0.92 in the beginning of the week. Major bear target is now seen at 0.85 level on the long term. Short and medium term bear goals are 0.90 and 0.89. If the bear scenario becomes a reality, the Canadian dollar could be regarded as one of the most appreciated currencies for the year.
It made a strong rally against the US dollar with more than 10 cents, and the effect can be felt all over the market.
NZD/CAD price is trading below the 200SMA which suggests that the pair is neutral to bearish and further depreciation can be expected. Monitoring for the levels is now the most important decision in anticipation of further moves.
Chart: NZD/CAD D1
Well spotted! I'll keep it in mind.
ReplyDeleteThank you for the assessment.
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteGood article!
ReplyDeleteThanks for the analysis.
ReplyDeleteVery good analysis.
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