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Descending Trend-line Confined NZDCAD’s Recovery, Pullback Expected

22 September 2017 11:36 AM BDT
Descending Trend-line Confined NZDCAD’s Recovery, Pullback Expected

 

Although NZDCAD's U-turn from 0.8740 enabled it to meet three-week high, a bit longer descending trend-line resistance, at 0.9070 now, confined the pair's recovery and indicates brighter chances for the quote's pullback to the 0.8915 and the 0.8850 nearby supports. During the pair's additional downside below 0.8850, the 0.8770 and the 0.8740 might be considered as strong rests, break of which could make prices vulnerable to plunge in direction to 0.8700 and the 61.8% FE level of 0.8660.

If the quote reverses from present levels, it needs to provide a daily close beyond 0.9070 TL in order to challenge the 50-day SMA level of 0.9130 and then rise towards the 0.9200 round-figure. Given the pair's successful trading above 0.9200, the 0.9270 and the 0.9310 are likely north-side numbers to appear on the chart.

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