Long NZD/CAD above 0.86
Updated
The pair has paused upside, finds stiff resistance at 55-EMA and daily cloud at 0.86.
Break above 0.86 handle could propel the pair higher. Next major resistance lies at 110-EMA at 0.8712 ahead of 38.2% Fib at 0.8778.
Technical analysis shows bullish bias. Price has broken and holds above 5-DMA and finds strong support at 20-DMA.
RSI and Stochs are biased higher and MACD supports upside
Support levels - 0.8546 (5-DMA), 0.8535 (21-EMA), 0.8468 (Oct 24 low)
Resistance levels - 0.86 (daily cloud, 23.6% Fib and 55-EMA), 0.8658 (Oct 19/ 22 high), 0.8778 (38.2% Fib)
Stay long on break above 55-EMA, SL: 0.8530, TP: 0.8660/ 0.87/ 0.8775
Break above 0.86 handle could propel the pair higher. Next major resistance lies at 110-EMA at 0.8712 ahead of 38.2% Fib at 0.8778.
Technical analysis shows bullish bias. Price has broken and holds above 5-DMA and finds strong support at 20-DMA.
RSI and Stochs are biased higher and MACD supports upside
Support levels - 0.8546 (5-DMA), 0.8535 (21-EMA), 0.8468 (Oct 24 low)
Resistance levels - 0.86 (daily cloud, 23.6% Fib and 55-EMA), 0.8658 (Oct 19/ 22 high), 0.8778 (38.2% Fib)
Stay long on break above 55-EMA, SL: 0.8530, TP: 0.8660/ 0.87/ 0.8775
Comment
TP1/2 hit.The pair has ignored gravestone Doji formation.
Resumes upside, breaks above cloud.
Eyes 38.2% Fib.
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