1 May 2015
NZD/CAD: The bigger picture - TDS
FXStreet (Guatemala) - Analysts at TD Securities noted the challenging conditions surrounding the NZD/CAD cross.
Key Quotes:
"NZD/CAD’s ‘bigger picture’ technical outlook remains challenging, even if the cross is trading well-off the intraday lows seen earlier today and still—seemingly—getting some underpinning from the 40-week (200-day) MA (0.9131) which has tended to be pivotal for the NZD in the past few months."
"We think the longer-term signals are clear; a major reversal formed though late March/early April above 0.96—close to historic range extremes."
"Weakness below the base of the rising channel in place through late 2014/early 2015 supports the NZD-negative outlook. We think gains towards the 0.93/0.94 area would represent an opportunity to sell."
Key Quotes:
"NZD/CAD’s ‘bigger picture’ technical outlook remains challenging, even if the cross is trading well-off the intraday lows seen earlier today and still—seemingly—getting some underpinning from the 40-week (200-day) MA (0.9131) which has tended to be pivotal for the NZD in the past few months."
"We think the longer-term signals are clear; a major reversal formed though late March/early April above 0.96—close to historic range extremes."
"Weakness below the base of the rising channel in place through late 2014/early 2015 supports the NZD-negative outlook. We think gains towards the 0.93/0.94 area would represent an opportunity to sell."