NZD/CAD may rise to 0.8615 - 0.8699

Our pivot point stands at 0.8316.

Our preference

The upside prevails as long as 0.8316 is support.

Alternative scenario

The downside breakout of 0.8316 would call for 0.8176 and 0.8092.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.8332 and 0.8220).

Supports and resistances

0.8866 **

0.8783 *

0.8699 **

0.8615

0.8445 last

0.8371

0.8316 **

0.8176 *

0.8092 **

Number of asterisks represents the strength of support and resistance levels.