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 🙂