NZD/CAD bears are moving up to the plate. A top-down analysis illustrates where there could be an opportunity on the weekly, daily and 4-hour chart. NZD/CAD has now moved into a position that offers a potential downside opportunity, although there is still some work to do from the bears and a complicated support stricture to break. Monthly chart The monthly chart shows that there is more downside to go until a 38.2% Fibonacci retracement. Weekly chart The 38.2% Fibonacci has a confluence of prior resistance which would be expected to be an initial hurdle en-route to the 21-moving average. Daily chart From a daily standpoint, there is a complicated support structure, but once it is cleared, there are prospects of a 61.8% Fibonacci retracement below 0.8980. 4-hour chart From a 4-hour perspective, 0.9020 is ear-marked according to structure and the 21-moving average. On a break there, the technical indicators will turn bearish, potentially drawing in sellers to take on the tripple-bottom. FX Street 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 Post By FX Street FXStreet News share Read Next Russian group behind breach at the US Treasury FX Street 2 years NZD/CAD bears are moving up to the plate. A top-down analysis illustrates where there could be an opportunity on the weekly, daily and 4-hour chart. NZD/CAD has now moved into a position that offers a potential downside opportunity, although there is still some work to do from the bears and a complicated support stricture to break. Monthly chart The monthly chart shows that there is more downside to go until a 38.2% Fibonacci retracement. Weekly chart The 38.2% Fibonacci has a confluence of prior resistance which would be expected to be an initial hurdle en-route to the 21-moving average. Daily chart… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
