Narrowing irregular bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen; the market are in the negative area and made the new lows.
NZD/CAD technically bearish, looking for another leg lower
Our technical Fibonacci’s projection at H1 chart for NZD/USD is calling for another leg lower, as the pair has been trading in a narrow range below the 200 SMA. Should the pair make a break of August 10th lows in order to continue with the bearish bias and it should also open the doors to test the next key target of 0.9159 (100% Fibo extension). Such move corresponds to a cycle’s duplication of August 10th.
RSI indicator remains in the oversold territory, aiming to a possible sideways consolidation before the leg lower mentioned above.
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We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.