Fundamental Analysis

NZDCAD: Pending Quick on Supportive Technicals

NZDCAD – Pending Quick at 92.55 – Current December highs.

Cease Loss – 93.80

Goal 1 (50%) – 91.10 – 50% Fibonacci retracement.

Goal 2 (50%) – 89.20 – 61.eight% Fibonacci retracement.

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NZDCAD – Lengthy-Time period Down Pattern Stays in Place

The latest oil bear market hit the Canadian greenback onerous and towards the New Zealand greenback despatched it again to the underside of the NZDCAD downtrend, began from the November 9, 2016 excessive at 99.28. Since then the chart has been dominated by decrease highs and decrease lows. The chart beneath reveals the downtrend crossovers with the varied Fibonacci retracement ranges of the September 2015 – November 2016 rally the place worth motion reversed. The present spot stage – 91.48 – is nearing each the higher line of the downtrend round 93.00 and the 38.2% Fibonacci retracement stage at 93.03 and is probably going to supply a reversal level.

As well as, the RSI indicator – on the backside of the chart – has simply eased out of overbought territory. The earlier instances the RSI indicator confirmed both overbought or oversold ranges, the worth reversed again into the pattern channel.

NZDCAD Every day Worth Chart (August 2015 – December 13, 2018)

NZDCAD: Pending Short on Supportive Technicals

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What’s your view on NZDCAD – bullish or bearish?? You may tell us by way of the shape on the finish of this piece or you’ll be able to contact the writer at nicholas.cawley@ig.comor by way of Twitter @nickcawley1.

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