NZD/CAD: 0.8620/25 below double top trigger – TDS

FXStreet (Guatemala) – Analysts at TD Securities explained that they noted in their last update that NZD/CAD’s early May rebound might have some room to extend.

Key Quotes:

“But our view that gains would likely be limited to the 0.91 area (retracement and 200-day MA resistance) proved correct.”

“And now, the Kiwi looks in trouble again; as we have stressed previously, the longer-term picture here looks very NZD-negative (major, long-term bear reversal signals developed earlier in the year around long-term range highs).”

“The May consolidation looks to have formed a bear wedge and weakness below the base today suggests that heavy selling of the NZD may be resuming.”

“New cycle lows will confirm the bias for a push to 0.8620/25 (major weekly support and 0.9620 double top trigger).”

Analysts at TD Securities explained that they noted in their last update that NZD/CAD’s early May rebound might have some room to extend.

(Market News Provided by FXstreet)