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NZD/CAD Rebound to Offer Favorable Entries- 9500 Key Resistance

NZD/CAD Rebound to Offer Favorable Entries- 9500 Key Resistance

Michael Boutros, Strategist

Talking Points

  • NZD/CAD rebound targeting levels of interest for short-entries
  • Updated targets & invalidation levels
  • Looking for more trade ideas? Review DailyFX’s 2017 Trading Guides. Join Michael for Live Weekly Trading Webinars on Mondays at 13:30GMT (8:30ET)

NZDCAD Daily

NZD/CAD Daily Chart

Technical Outlook:NZDCAD is approaching a near-term resistance confluence at 9422/33- this region is defined by the 38.2% retracement of 2016 trading range, the 2016 open and the 200-day moving average. A critical resistance barrier is seen just higher around the 95-handle where a couple of longer-term slope-lines converge on the 61.8% retracement of the decline off the yearly high and the 2015 December high-day close (bearish invalidation). Bottom line: both these levels represents areas of interest for possible exhaustion / short-entries. A break below support at 9268 targets subsequent objectives at 9207 & 9113.

NZDCAD 240min

NZD/CAD 240min Chart

Notes:A closer look at price action further highlights Friday’s rebound off confluence support with the subsequent rally now targeting initial resistance. From a trading standpoint, I’ll be looking for exhaustion on a push higher with the broader outlook weighted to the downside sub-9508.

A quarter off the daily average true range (ATR) yields profit targets of 18-22 pips per scalp. Added caution is warranted heading into the RBNZ interest rate decision on Wednesday with the release likely to fuel increased volatility in the Kiwi crosses (also note we have dairy prices on tap tomorrow).

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Relevant Data Releases

NZD/CAD Economic Docket

Other Setups in Play:

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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