NZD/CAD broke below the 200-Moving Average that could result
in a trend change from up to down. The pair rejected 97.90 resistance level,
which previously acted as support.
Fibonacci retracement shows that NZD/CAD broke below the 50%
Moving Average, although it hasn’t tested 67.8% level.
Consider selling NZD/CAD at the current price, targeting
either 61.8% (0.9708) or 76.4% Fibs (0.9657). Suggested stop loss is just above
97.90 resistance.
Support: 0.9750, 0.9708, 0.9657
Resistance: 0.9790, 0.9842
The material has been provided by InstaForex Company – www.instaforex.com
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