KeytoMarkets
Short

NZDCAD sell trade available

FX:NZDCAD   New Zealand Dollar/Canadian Dollar
  • The price falls just kicked up another gear
    We forecast most of the danger is behind
    As long as 0.9100 is resistance, sell the rallies favors the near-term trend

NZDCAD traced out a near-term price top near 0.9060-0.9100 via the formation of a multi-top pattern. The daily oscillators are very bearish with the RSI is propelling down, and the oscillator has turned to a bearish crossover.
Under these conditions, a recovery back above 0.9100 still seems complicated. Watch out instead for a new pullback to 0.9000, 0.8900 and 0.8860. More selling will be added to the system if the pair fell below the 0.8860, this would point a new downward wave towards the next support 0.8790 and 0.8700.

Area of resistance:


The 50.0% fib reaction of 0.9925-0.8320 correction, seems at 0.9125
So far this week, it failed to settle above 100 and 200MA(Weekly)
On the monthly chart, failed to handle 50 and 20

What if breaches the resistance?

The downside prevails as long as 0.9230 is resistance (closing basis)

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