Hi traders,
Indeed, even subsequent to examining the utmost lowest levels of 2018, significantly because of RBNZ's dovish tone, the NZDCAD still needs to close underneath the five-year-old upward inclining trend line, on a weekly closing basis in order to stretch its downturn to 0.8580 and the 0.8510 supports. Should prices continue declining beneath the 0.8510, the 0.8430 and the 0.8350 can flash in the Bears' radar.
Alternatively, the 0.8730, the 0.8820 and the 0.8850 can act as adjacent resistances for the pair, breaking which the 0.8980 and the 0.9000 might play their role of upside hurdle. If the pair manages to surpass the 0.9000 mark, the 0.9100-0.9110 resistance-area, TL can be targeted if you holding a long position.
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Indeed, even subsequent to examining the utmost lowest levels of 2018, significantly because of RBNZ's dovish tone, the NZDCAD still needs to close underneath the five-year-old upward inclining trend line, on a weekly closing basis in order to stretch its downturn to 0.8580 and the 0.8510 supports. Should prices continue declining beneath the 0.8510, the 0.8430 and the 0.8350 can flash in the Bears' radar.
Alternatively, the 0.8730, the 0.8820 and the 0.8850 can act as adjacent resistances for the pair, breaking which the 0.8980 and the 0.9000 might play their role of upside hurdle. If the pair manages to surpass the 0.9000 mark, the 0.9100-0.9110 resistance-area, TL can be targeted if you holding a long position.
HIT LIKE, COMMENT AND FOLLOW FOR MORE UPDATES.
