NZD/CAD Price Analysis: Bears seeking downside daily extension

FX Street

Updated: 1 Apr. 2021 | 01:46

NZD/CAD bears are taking control with eyes on a break of daily support.
Bulls are seeking an hourly correction to test bear’s commitments at critical resistance.

The following analysis illustrates that the price is on the verge of a downside extension to target weekly support.

Daily chart

As illustrated, the price is moving lower following a test of the 38.2% Fibonacci retracement.

Hourly chart

The bulls, meanwhile are targeting a correction of the daily bearish impulse towards a significant Fibo confluence level.

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

View all posts by FX Street

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.