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

Prices are facing bearish pressure from 50% Fibonacci retracement and 161.8% Fibonacci extension Fibonacci confluence zone. Prices might push down towards 127.2% Fibonacci retracement and 78.6% Fibonacci extension fibonacci confluence zone. If price pushes up further, prices might face resistance from horizontal swing high resistance in line with 61.8% Fibonacci retracement and 161.8% Fibonacci extension. Ichimoku cloud is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 0.86774

Reason for Entry:

50% Fibonacci retracement, 161.8% Fibonacci extension

Take Profit: 0.86203

Reason for Take Profit:

127.2% Fibonacci retracement, 78.6% Fibonacci extension

Stop Loss: 0.87141

Reason for Stop Loss:

Horizontal swing high resistance, 161.8% Fibonacci extension, 61.8% Fibonacci retracement