Bearish NZDCAD Trend: Downside Targets Ahead
Updated
Hello Traders,
Here is my outlook on NZDCAD.
The NZDCAD currency pair is currently experiencing a bearish trend on the H1 timeframe. Last week, it underwent a correction and reached the price level of 0.82107, which coincided precisely with the 0.382 Fibonacci golden ratio. This price level acted as a significant resistance point, leading to a subsequent decline that some traders might interpret as a mid-week reversal.
Presently, the bearish momentum remains robust, and this has been confirmed through the break and retest of a trendline, along with other supporting technical indicators. Considering these factors, I anticipate further downward movement in the price.
My price targets for the potential decline are set at 0.81157 and 0.80978. However, it is essential to monitor the price action closely, as this analysis will be invalidated if the price surpasses the level of 0.81888 to the upside.
Cheers and happy trading.
Here is my outlook on NZDCAD.
The NZDCAD currency pair is currently experiencing a bearish trend on the H1 timeframe. Last week, it underwent a correction and reached the price level of 0.82107, which coincided precisely with the 0.382 Fibonacci golden ratio. This price level acted as a significant resistance point, leading to a subsequent decline that some traders might interpret as a mid-week reversal.
Presently, the bearish momentum remains robust, and this has been confirmed through the break and retest of a trendline, along with other supporting technical indicators. Considering these factors, I anticipate further downward movement in the price.
My price targets for the potential decline are set at 0.81157 and 0.80978. However, it is essential to monitor the price action closely, as this analysis will be invalidated if the price surpasses the level of 0.81888 to the upside.
Cheers and happy trading.
Note
First Target HitTrade closed: target reached
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