Source: PaxForex Premium Analytics Portal, Technical Insight
The Loonie is getting support from rising crude oil prices as commodity traders focus on the EU authorities' discussion of the ban on Russian oil imports.
NZD/CAD,D1
Pivot: 0.8235
Analysis:
As long as price is below 0.8350 follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 0.8235
- Take Profit 1: 0.8170
- Take Profit 2: 0.8100
Alternative scenario:
If the level of 0.8350 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 0.8350
- Take profit 1: 0.8500
- Take profit 2: 0.8575
Comment:
RSI indicates the potential for decrease in the medium term.
Key levels:
| Resistance | Support |
| 0.8575 | 0.8170 |
| 0.8500 | 0.8100 |
| 0.8350 | 0.8000 |
