Tickmill
Short

NZDCAD approaching resistance, potential drop!

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
NZDCAD             is approaching our first resistance at 0.8561 (horizontal pullback resistance, 23.6% Fibonacci retracement ) and a strong drop might occur below this level pushing price down to our major support at 0.8483 (horizontal swing low support, 100% Fibonacci extension ). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (34) is also seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
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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