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NZD/CAD traded higher yesterday, but hit resistance near 0.8800, slightly below the downside resistance line drawn from the high of August 4th. The rate remains below that line, but it is also trading above another upside one, taken from the low of June 30th. So, with that in mind, we will consider the outlook to be neutral for now.
In order to start examining the bullish case, we would like to see the rate breaking above the downside line taken from the high of August 4th, as well as above the 0.8800 barrier. This may encourage advances towards the peak of August 17th, at around 0.8842, the break of which could pave the way towards the high of August 4th, at around 0.8888.
Taking a look at our short-term oscillators, we see that the RSI, already above 50, has turned up again, while the MACD lies above both its zero and trigger lines. Both indicators detect upside speed and increase the chances for the rate to move above the 0.8800 zone at some point soon.
The move that could signal that the bears may have gained full control is a dip below 0.8673, the low of July 28th. The rate would already be below the upside line taken from the low of June 30th, and therefore, we could see declines towards the 0.8632 zone, which provided decent support on June 30th and July 2nd. If that barrier does not hold, the slide may extend towards the low of June 18th, at 0.8600.
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