FX.co ★ NZDCAD testing descending trendline resistance, potential for a reversal!

Price is testing the descending trendline resistance and holding below 1st resistance, in line with 61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal pullback resistance. We could see a reversal here and further downside towards 1st support, in line with 61.8% Fibonacci extension and horizontal swing low support. Stochastics is also testing the 94.05 resistance where it has reversed from before, showing signs of bearish pressure in line with our analysis.

Trading Recommendation

Entry: 0.87153

Reason for Entry:

61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal pullback resistance

Take Profit: 0.86303

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing low support

Stop Loss: 0.87688

Reason for Stop Loss:

Horizontal swing high resistance