Showing posts with label NZD/CAD approaching resistance. Show all posts
Showing posts with label NZD/CAD approaching resistance. Show all posts

NZD/CAD approaching resistance, potential drop!

NZD/CAD is approaching our first resistance at 0.9240 (horizontal swing high resistance, 76.4% Fibonacci retracement, 61.8% Fibonacci extension) where a strong drop might occur below this level pushing the price down to our major support at 0.8981 (horizontal swing low support, 76.4% Fibonacci retracement).

Stochastic (55,5,3) is also nearing our first resistance where we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment, so please ensure you fully understand the risks.

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The material has been provided by InstaForex Company - www.instaforex.com