empty
 
 
15.12.2015 03:07 PM
Technical analysis of NZD/CAD for December 15, 2015

This image is no longer relevant

The pair NZD/CAD has been moving up for an extended period of time now, which makes it about 3 months of an uptrend. There is a possibility that bulls are now exhausted. They can give up their long positions which can lead to a correctional wave down.

The reason for that is the double Fibonacci based resistance that has been reached and seems rejected. The price bounced off the 161.8% and 76.4% retracement levels at the same time. Clearly, the resistance is strong and not penetrated. With the given conditions, I would expect a wave down to test one of the Fibonacci (18th October low - 15th December high) retracement levels, either 23.6% (0.9170) or 38.2% (0.9060.

Consider looking for sell opportunities sometime this week, while the price is near 0.9290, targeting one of the above mentioned Fibonacci levels.

Support: 0.9170, 0.9060

Resistance: 0.9350, 0.9290

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback