NZD/CAD ST: above its upper Bollinger band
26-May-11
05:21
Our pivot point stands at 0.77.
Our preference: the upside prevails as long as 0.77 is support.
Alternative scenario: the downside breakout of 0.77 would call for 0.758 and 0.751.
Comment: the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is trading above both its 20 and 50 MAs (standing respectively at 0.7668 and 0.7554). Finally, the NZD/CAD is trading above its upper Bollinger band (standing at 0.7828).
Supports and resistances:
0.816 *
0.809 **
0.802
0.7876 last
0.775
0.77 **
0.758 *
Ticker: NZDCAD
