NZDCAD approaching resistance, potential drop!

NZDCAD approaching resistance, potential drop!


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.
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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