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.

NZDCADH1.png

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