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.

Ross J Burland FXStreet

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.

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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