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FX.co ★ NZDCAD facing bearish pressure, potential for further downside!

NZDCAD facing bearish pressure, potential for further downside!

NZDCAD facing bearish pressure, potential for further downside!

NZDCAD is facing bearish pressure from descending trendline resistance. Prices might face resistance from 1st resistance which coincides with 100% fibonacci extension and 61.8% fibonacci retracement. Prices might push towards 1st support level which coincides with 61.8% fibonacci extension and -68% fibonacci retracement. If prices push past 1st resistance, prices might face resistance from 2nd resistance which coincides with 127.2% fibonacci retracement. EMA is also above prices, showing bearish pressure.

Trading Recommendation

Entry: 0.89592

Reason for Entry:

Horizontal pullback support, descending trend line resistance, 100% fibonacci extension, 61.8% fibonacci retracement

Take Profit: 0.88913

Reason for Take Profit:

61.8% fibonacci extension, -68% fibonacci retracement

Stop Loss: 0.89916

Reason for Stop Loss:

Horizontal swing high resistance, 127.2% fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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