Tickmill
Short

NZDCAD approaching resistance, potential drop!

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
NZDCAD is approaching our first resistance at 0.9228 (horizontal swing high resistance, 76.4% Fibonacci retracement , 100% Fibonacci extension ) where a strong drop might occur pushing price down to our major support at 0.9061 (100% Fibonacci extension , 61.8% Fibonacci retracement ).
Stochastic (89,5,3) is also approaching resistance and seeing a bearish divergence where we might see a corresponding drop in price.
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Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
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