6 May 2015
NZD/CAD: 0.8620 comes as major support - TDS
FXStreet (Guatemala) - Analysts at TD Securities have noted the technical conditions surrounding NZD/CAD post yesterday's softness in the unemployment data for New Zealand.
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."
"NZD/CAD 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 yesterday 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 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."
"NZD/CAD 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 yesterday 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."