NZD/CAD Price Analysis: Bears to hunt down the weekly lows
|- NZD/CAD bears stepping in to challenge the bulls at key resistance.
- Bears target a downside continuation on the daily chart.
NZD/CAD is on the verge of a downside extension according to the recent price action and market structure across the 4-hour and daily time frames.
The following charts illustrate the downside bias on this basis:
Daily chart
The price has already been rejected by the resistance structure and is melting to the downside in what could turn out to be a fresh low into weekly support and prior lows.
4-hour chart
Meanwhile, the 4-hour charts see the price retesting what was old support and bears will be seeking for a rejection to confirm the downside bias.
Weekly chart
The bears are seeking to fill in the weekly wick and take on prior weekly lows.
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