NZD/CAD Price Analysis: Bears seeking downside daily extension
|- NZD/CAD bears are taking control with eyes on a break of daily support.
- Bulls are seeking an hourly correction to test bear's commitments at critical resistance.
The following analysis illustrates that the price is on the verge of a downside extension to target weekly support.
Daily chart
As illustrated, the price is moving lower following a test of the 38.2% Fibonacci retracement.
Hourly chart
The bulls, meanwhile are targeting a correction of the daily bearish impulse towards a significant Fibo confluence level.
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