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  • NZD/CAD bears stepping in to challenge the bulls at key resistance.  
  • Bears target a downside continuation on the daily chart.  

NZD/CAD is on the verge of a downside extension according to the recent price action and market structure across the 4-hour and daily time frames.

The following charts illustrate the downside bias on this basis:

Daily chart

The price has already been rejected by the resistance structure and is melting to the downside in what could turn out to be a fresh low into weekly support and prior lows.

4-hour chart

Meanwhile, the 4-hour charts see the price retesting what was old support and bears will be seeking for a rejection to confirm the downside bias.  

Weekly chart

The bears are seeking to fill in the weekly wick and take on  prior weekly lows.

 

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