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4 May 2015
NZD/CAD: Bulls need to be cautions of 0.9100/15 - TDS
FXStreet (Guatemala) - Analysts at TD Securities explained the technical conditions surrounding NZD/CAD.
Key Quotes:
"We laid out the longer-term bear case for NZD/CAD last week (near the upper end of the historic range, big reversal signals forming on the longer-term charts) and the short-term picture is playing along nicely as the cross pressures 200-day MA and retracement support in the low 0.91 area today."
"Weakness below 0.9100/15 should see losses extend a big figure lower fairly quickly. Major support from a long-term perspective remains 0.8620—a major (0.96) double top trigger which would, if broken, target a medium-term decline to 0.76."
Key Quotes:
"We laid out the longer-term bear case for NZD/CAD last week (near the upper end of the historic range, big reversal signals forming on the longer-term charts) and the short-term picture is playing along nicely as the cross pressures 200-day MA and retracement support in the low 0.91 area today."
"Weakness below 0.9100/15 should see losses extend a big figure lower fairly quickly. Major support from a long-term perspective remains 0.8620—a major (0.96) double top trigger which would, if broken, target a medium-term decline to 0.76."