NZD/CAD may rise 28 - 40 pips

Our pivot point stands at 0.8465.

Our preference

Look for a drop towards 0.8465 before a bounce.

Alternative scenario

Below 0.8465, expect 0.8444 and 0.8432.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.8481 and 0.8481).

Supports and resistances

0.8548 **

0.8535 *

0.8523 **

0.8511

0.8483 last

0.8473

0.8465 **

0.8444 *

0.8432 **

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