NZD/CAD Is Still Very Bearish

NZD/CAD did continue falling and broke out below the support at 0.9090 indeed. The pair is still very bearish today and it is very likely to reach the support at 0.9000. The question is, of course, whether there will be a breakout below that level too. If there is one NZD/CAD could continue moving to the downside towards 0.8885, and a breakout below that level could lead to a further move to the downside towards the last low it formed well over well over a month ago at 0.8785, and which can be seen on the weekly time-frame. On the other hand, if the pair bounces off from 0.9000 then it will likely start moving to the upside towards 0.9090 again.

NZD/CAD May Continue Falling

Last week, prompted by the fundamentals, the NZD/CAD pair formed a clear whipsaw on the four-hour time-frame, but once that was done it also formed a hanging man candlestick on the same time-frame at 0.9200 and firmly began moving to the downside. This week this movement continued and the pair may even be breaking out below the (MA)89 indicator on the four-hour time-frame too. If that happens the pair may continue falling towards its last low, which is at 0.9090. A breakout below that level in turn could lead to another move to the downside towards the next support level, which is likely at 0.9000.