NZDCAD (1H) - short term bearish bias
The latest rally in the New Zealand dollar has reached the previous high of 0.8690. This strong resistance level is likely to keep the price capped as buyers started to take profit. Stiff selling pressures have intensified as fresh sellers also joined in to batter the kiwi. An over-extended RSI suggests an over-bought situation, while the indicator's bearish divergence could be a forward warning of a potential reversal. Should the price break, 0.8660 will be the first support level to watch for.
Key support: 0.8660
Key resistance: 0.8690
The latest rally in the New Zealand dollar has reached the previous high of 0.8690. This strong resistance level is likely to keep the price capped as buyers started to take profit. Stiff selling pressures have intensified as fresh sellers also joined in to batter the kiwi. An over-extended RSI suggests an over-bought situation, while the indicator's bearish divergence could be a forward warning of a potential reversal. Should the price break, 0.8660 will be the first support level to watch for.
Key support: 0.8660
Key resistance: 0.8690