NZD/CAD Price Analysis: Prospects of a 61.8% retracement below 0.8980
- NZD/CAD bears are moving up to the plate.
- A top-down analysis illustrates where there could be an opportunity on the weekly, daily and 4-hour chart.
NZD/CAD has now moved into a position that offers a potential downside opportunity, although there is still some work to do from the bears and a complicated support stricture to break.
Monthly chart
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The monthly chart shows that there is more downside to go until a 38.2% Fibonacci retracement.
Weekly chart
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The 38.2% Fibonacci has a confluence of prior resistance which would be expected to be an initial hurdle en-route to the 21-moving average.
Daily chart
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From a daily standpoint, there is a complicated support structure, but once it is cleared, there are prospects of a 61.8% Fibonacci retracement below 0.8980.
4-hour chart
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From a 4-hour perspective, 0.9020 is ear-marked according to structure and the 21-moving average. On a break there, the technical indicators will turn bearish, potentially drawing in sellers to take on the tripple-bottom.
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.
