NZD/CAD Potential Downward Movement

NZD/CAD Long-Term Trend: Bearish

Key Resistance Levels: 0.78622, 0.78894, 0.79562.

Key Support Levels: 0.77272, 0.76727, 0.76000.

Daily Time Frame:

The price on the higher time frame could not continue its move to the upside where it left a correction after the sellers managed to reverse the price to the downside near the 0.78622 mark. The market most probably will continue its move to the downside in the same direction of the main trend.

NZD/CAD Medium-Term Trend: Bearish

4-Hr Time Frame:

On the lower time frame, the market is respecting the bearish trend line where lower highs and lows have been posted. The market is about to retrace back to the 61.80 % Fibonacci retracement level where sellers could rejoin the downtrend and push the price all the way down to the mentioned target profits.

Sell Market Order @ 0.78060

Target Profit 1 @ 0.77765

Target Profit 2 @ 0.76946

Stop Loss @ 0.78356

Trade Safely 🙂