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.

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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