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NZDCAD approaching resistance, potential drop!

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New Zealand Dollar/Canadian Dollar (FX:NZDCAD)  
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FX:NZDCAD   New Zealand Dollar/Canadian Dollar
Trend Analysis Harmonic Patterns Chart Patterns NZDCAD NZD CAD nzdcadlong nzdcadshort Forex forextrading forexsignals
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trendanalysis harmonicpatterns chartpattern nzdcad nzd cad nzdcadlong nzdcadshort forex forextrading forexsignals
NZDCAD is approaching our first resistance at 0.8560 (horizontal pullback resistance, 23.6% Fibonacci retracement, 61.8% Fibonacci extension) and a strong drop might occur below this level pushing price down to our major support at 0.8500 (horizontal swing low support).
RSI (34) is also approaching our descending resistance line and a reaction below this level might see a corresponding drop in price.
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Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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