10.10.201614:18 Forex Analysis & Reviews: Technical analysis of NZD/CAD for October 10, 2016

Long-term review

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NZD/CAD rejected 50% Fibs (0.9506) and 200-Moving Average, suggesting that a downtrend is about to continue. Today the pair broke below the 50-Moving Average which could be a trigger for sellers to get into the short positions.

Based on our previous analysis, consider holding short positions from 0.9500, targeting either 23.6% (0.9410) or 0% Fibs (0.9327). The stop loss can be placed just above this week high - 0.9530.

Support: 0.9411, 0.9327

Resistance: 0.9464, 0.9506, 0.9548

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