NZD/CAD technically bearish, looking for another leg lower

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.

NZDCADmH1.png

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