According to my previous analysis, NZD/CAD is expected to
fall. Price remains near the R1 resistance that hasn’t been broken. Overall, the
entry point for short positions looks very attractive, especially when the price is right at the top of the descending channel and
below the 200 Moving Average.
Consider holding or entering short positions while the
price is near R1 (0.8890), targeting either S2 (0.8740) or S3 (0.8650) . The stop loss should be well above the 0.8900 psychological resistance.
Support: 0.8830, 0.8740, 0.8650
Resistance: 0.8890, 0.8980
The material has been provided by InstaForex Company – www.instaforex.com
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