NZD/CAD Is Testing 0.8870

NZD/CAD is not a pair that I follow very often, but occasionally there are very good signals that one can make use of. Take, for example, the shooting star candlestick that has formed at 0.8930 on the four-hour time-frame after the last sharp move to the upside. That candlestick was a good signal for a move to the downside which did begin. Currently the pair is testing the support at 0.8870. If it succeeds in breaking out below that support it will probably continue falling towards the next support level at 0.8840, which is the (MA)89 indicator on the same time-frame. Alternatively, if the pair bounces off from the support at 0.8870 it will likely rally to test the high at 0.8930 once again.