NZD/CAD poised to make another leg lower

NZD/CAD poised to make another leg lower

NZD/USD has been trading in a consolidation phase slightly below the 200 SMA at H1 chart and remains supported by the Fibonacci zone of 38.2% at 0.8895. The pair could scope to do another leg lower to test the 50% Fibo level at 0.8853 in order to gain momentum across the board. If that happens, we could expect a strong rebound to take place towards the -23.6% Fibonacci level at 0.9119.

RSI indicator remains in the negative territory.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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