NZDCAD testing a familiar resistance
Been watching NZDCAD lately, and it's certainly put on a show today, hitting 0.82749. What's interesting is that this level has acted as a pretty stubborn ceiling on a few occasions over the past couple of months. We're seeing some rejection now, trading back around 0.82382, which suggests that resistance might be holding, at least for now. If it breaks decisively above 0.82750 on decent volume, my whole thesis on it being capped up there gets invalidated pretty quickly, and I'll have to re-evaluate. Otherwise, I'm thinking we might see a bit more ranging or a dip from here.
That 0.82750 level is definitely key. I'm more interested in seeing a clean daily close above it, not just a spike, before considering any long positions.