The NZDCAD price encountered a significant resistance at the 50% Fibonacci retracement level of 0.8375 during its recent bullish rally. This level has proven to be a solid barrier, resulting in weak sideways trading near 0.8360.
Continued stability below this resistance level, coupled with the stochastic indicator moving out of overbought conditions, suggests increased negative pressure on the price. This setup implies a potential bearish trend in the near term, with target levels around 0.8300 and 0.8280.
Today’s expected trading range is between 0.8370 (resistance) and 0.8300 (support).
Trend Forecast: Bearish
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