NZD/CAD slips below 61.8% Fib, eyes 0.8655, stay short
NZD/CAD hits new 5-month lows as the kiwi slumps across the board on a dovish RBNZ.
The Kiwi hit by a dovish Reserve Bank of New Zealand (RBNZ) today. The central bank looks set to hold steady on rates for the foreseeable future.
RBNZ Governor Adrian Orr said that the central bank is dedicated to easy monetary policy "for an extended period of time".
NZD/CAD trades with a bearish momentum, we see scope for further weakness.
Technical indicators are biased lower. MACD is showing a bearish crossover on signal line.
Momentum studies are bearish. We see -ve DMI crossover on +ve DMI which adds to bearish bias.
The pair has slipped below 61.8% Fib, eyes major trendline support at 0.8655. Breach there will see further weakness.
On the flipside, we see major resistance at 200W SMA at 0.9110. Bearish invalidation only on break above.
Support levels - 0.8859 (2018 low), 0.8740 (Sept 2017 low), 0.8655 (trendline)
Resistance levels - 0.8880 (61.8% Fib), 0.8984 (5-DMA), 0.90
The Kiwi hit by a dovish Reserve Bank of New Zealand (RBNZ) today. The central bank looks set to hold steady on rates for the foreseeable future.
RBNZ Governor Adrian Orr said that the central bank is dedicated to easy monetary policy "for an extended period of time".
NZD/CAD trades with a bearish momentum, we see scope for further weakness.
Technical indicators are biased lower. MACD is showing a bearish crossover on signal line.
Momentum studies are bearish. We see -ve DMI crossover on +ve DMI which adds to bearish bias.
The pair has slipped below 61.8% Fib, eyes major trendline support at 0.8655. Breach there will see further weakness.
On the flipside, we see major resistance at 200W SMA at 0.9110. Bearish invalidation only on break above.
Support levels - 0.8859 (2018 low), 0.8740 (Sept 2017 low), 0.8655 (trendline)
Resistance levels - 0.8880 (61.8% Fib), 0.8984 (5-DMA), 0.90
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