NZDCAD on the 1D time-frame
NZDCAD may fall to 0.7981 - 0.8073
Our preference
The downside prevails as long as 0.8435 is resistance.
Alternative scenario
Above 0.8435, look for 0.8591 and 0.8683.
Comment
The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 0.8480 and 0.8595).
Our preference
The downside prevails as long as 0.8435 is resistance.
Alternative scenario
Above 0.8435, look for 0.8591 and 0.8683.
Comment
The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 0.8480 and 0.8595).
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