NZDCAD (1H) - short term bullish bias
Following its 4-week-long M-shaped consolidation, the New Zealand dollar had rallied to the September high and the psychological price tag of 0.8500. The retracement was met with strong buying interests at the 61.8% (0.8360) Fibonacci level, which coincides with the moving averages on the daily chart. We expect the price to climb higher as sellers got out of the way. On the hourly chart, the bullish MA cross along with the break of the 0.8410 resistance was a confirmation that sentiment has turned optimistic.
Key support: 0.8370
Key resistance: 0.8440
Following its 4-week-long M-shaped consolidation, the New Zealand dollar had rallied to the September high and the psychological price tag of 0.8500. The retracement was met with strong buying interests at the 61.8% (0.8360) Fibonacci level, which coincides with the moving averages on the daily chart. We expect the price to climb higher as sellers got out of the way. On the hourly chart, the bullish MA cross along with the break of the 0.8410 resistance was a confirmation that sentiment has turned optimistic.
Key support: 0.8370
Key resistance: 0.8440
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.