6 May 2015
NZD/CAD developing the broader bearish outlook – TDS
FXStreet (Barcelona) - FX Strategists at TD Securities believe that the short-term picture for NZD/CAD is favouring the long-term bearish outlook, expecting a quick move lower towards 0.8850.
Key Quotes
“We laid out the longer-term bear case for NZDCAD 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.”
“NZDCAD has crashed below the 200- day MA and retracement support in the low 0.91 area this week, prompting the quick additional losses we expected yester-day to the 0.90 area.”
“Losses may accumulate quickly towards 0.8850 retracement support now.”
“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 NZDCAD 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.”
“NZDCAD has crashed below the 200- day MA and retracement support in the low 0.91 area this week, prompting the quick additional losses we expected yester-day to the 0.90 area.”
“Losses may accumulate quickly towards 0.8850 retracement support now.”
“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.”