NZDCAD approaching 1st resistance, potential for a reversal!

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Price is approaching 1st resistance, which is in line with 61.8% Fibonacci retracement and horizontal swing high resistance. We could potentially see a reversal at this level and further downside towards 1st support, in line with 61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support. Price is holding below both descending trendline and moving average resistance, showing signs of bearish pressure in line with our bearish bias.

Trading Recommendation

Entry: 0.87497

Reason for Entry:

61.8% Fibonacci retracement and horizontal swing high resistance

Take Profit: 0.87015

Reason for Take Profit:

61.8% Fibonacci retracement, 127.2% Fibonacci extension and horizontal pullback support

Stop Loss: 0.87811

Reason for Stop Loss:

78.6% Fibonacci retracement and horizontal pullback resistance

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

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