NZDCAD testing 1st resistance, potential for reversal!
Price is testing the 1st resistance, in line with 50% Fibonacci retracement, 127.2% Fibonacci extension, horizontal pullback resistance and descending trendline resistance. We could see a reversal here and further downside towards 1st support, in line with 100%, 127.2% Fibonacci extension and horizontal swing low support. Price is also holding below the descending trendline and moving average resistances, showing signs of bearish pressure in line with our analysis.
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Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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